Banks tighten rules on online transactions

Many local banks have announced the use of smart one-time passwords (OTPs) for online transactions of high value, instead of SMS OTPs and Token Keys. If customers do not register for the smart OTP service, their daily transaction value limit will be reduced to make online transactions more secure.

Specifically, the Bank for Foreign Trade of Vietnam has reduced the daily transaction value limit to VND100 million for customers using SMS OTPs, in line with the State Bank of Vietnam’s regulations on online payment security.

The Bank for Investment and Development of Vietnam (BIDV) has also applied the BIDV Smart OTP service for all individual and corporate customers using its internet banking services. The service is compulsory for enterprises.

Moreover, corporate customers of Vietnam Prosperity Bank (VPBank) making transactions on VPBank Online must use the VPBank Smart OTP service instead of SMS OTPs. Individual customers who want to carry out a transaction worth more than VND100 million must also use the service.

Smart OTP is considered the best security solution for online transactions.

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