Security in banking: Always be alert

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Users should be careful when reading the bank's instructions to avoid exposure information when trading.

Who for?

Most recently, many Agribank bank-account holders reported that their accounts were withdrawn at night, even though they did not carry out the transaction,s and their accounts were withdrawn by tens of millions of VND in just a few minutes. Preliminary verification results indicate that it is possible that in the course of use the data in customer's card was stolen at an ATM.

Previously, at many commercial banks, many customers have denounced the money in the savings account which was stolen. For example, Eximbank bank with the savings of a VIP customer "evaporated" up to VND 245 billion, and till now, there is no a reasonable solution for the two sides.

The continuous loss of money and the ongoing risk will happen if there is no safety as well as the mechanism of deposit security and customer information. Experts also said that laws and mechanisms at banks had not really protected the interests of depositors. On the other hand, a bank loan always has a tight contract, but when depositing money, customers only get a simple savings book without protection clause.

Many bank representatives acknowledged that the bank's IT system had some flaws, so if the fault lies with the bank, the bank will be responsible for compensation for the harm caused to customers.

According to the financial expert - banker, Dr. Nguyen Tri Hieu, the loss of money as above may not stop when the banking system has many problems in: management system of state agencies; internal banking operations and business ethics of bank staff. In addition, the expert also stressed the carelessness and lack of knowledge in the bank of customers.

Deputy Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong affirmed that the responsibility of credit institutions when receiving money was to disclose the process and pay interest and root for the sender. Particularly, credit institutions shall be liable for the violation for loss of customers' money.

Autonomy from customers

The causes of the above cases may come from both sides, but with their professionalism and responsibility, banks must also have services or recommendations to protect customers against the loss of money. Immediately after a series of bankruptcy cases, many banks have provided savings account to check online or over the telephone.

For the disclosure of information through ATM cards, banks have also issued warnings to customers. Specifically, when card transactions are implemented on ATMs, users should observe carefully: card reader; the ATM screen; the keyboard cover or ATM keypad because these are many locations where the card information is stolen. In addition, users should use the automatic balance notification service through the message and should regularly check the message to timely and proactively detect abnormal transactions.

Along with that, banks are also trying to improve their operations, enhance the capacity of protection, and confidential information for customers. At Eximbank's 2012 Annual General Meeting, the bank reviewed and improved some internal regulations to strengthen the risk management system. Accordingly, customers can check their deposits via internet banking, mobile banking, SMS, authentication by fingerprint, and rotation of internal staff.

In addition, in order to further enhance security and system security, Dr. Nguyen Tri Hieu said that the State Bank of Vietnam needed to improve the legal loopholes for banks’ compliance and tighten regulations on internal operations. For example, the State Bank of Vietnam is levying regulations on allowing bank employees to trade at home, which would provide a basis for fraudsters to take savings from customers. While in the US, bank staff are not allowed to trade cash with customers outside the bank, only to receive checks from customers. On the other hand, customers also need to raise their prudence, not trading with abnormal signs, and they should go to the bank office during working hours to avoid risks.

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It can be seen, the loss of money has been causing "pain" in the community, so it is necessary to complete the banking system to deal with it, to regain customer confidence, ensure system security as well as meeting the requirements of international banking standards on the path of integration.