Many information security experts believe that non-cash payments have many potential risks. According to the survey, up to 62% of safety incidents are from users.
1. Pay attention to security issues
Currently, the non-cash payment is expanding and popular. Security remains one of the major barriers in implementing this payment method. This is a big goal that has been oriented by the Government and the State Bank for many years.
From July 1, 2023, Decree No. 13/2023/ND-CP on the protection of personal data officially took effect. The Decree stipulates personal data protection and personal data protection responsibilities of relevant agencies, organizations and individuals.
Experts of foreign financial institutions and consultants in Vietnam all agree on the necessity of this legal foundation. However, specific guidance is needed to unify understanding and application. The entry into force of Decree 13 is considered an important milestone for Vietnam in the face of the current wave of personal data breaches in non-cash transactions.
According to Investment Newspaper, July 10, 2023.
2. Many banks update according to Decree 13
Financial institutions must build an effective data security culture. This is on the one hand to comply with Decree 13, on the one hand to maintain customer confidence and maintain competitiveness
Vietcombank recently announced the update of “General transaction conditions on personal data protection”. These new conditions are integral to the agreements between the parties. Furthermore, it is possible to amend this condition periodically. The bank will announce it on their website.
Techcombank has also just updated the Notice of Customer Data Security and Privacy. During the transaction, Techcombank needs to process the customer’s personal data. The Bank commits to respecting privacy and endeavors to protect the personal data of its customers.
Besides, many other banks and financial companies such as VPBank, HDBank, Shinhan bank, Shinhan Finance, Homecredit, Mirae Asset Finance… have also informed customers about this issue.
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