A common coordination process to handle suspected fraudulent transactions to be developed
The National Payment Corporation of Việt Nam emphasised the need for a common process to streamline coordination among banks, as each currently handles doubtful transactions differently.
Banks should have a uniform way of handling suspect and potentially fraudulent accounts, according to Việt Nam Banks Association (VNBA).
Currently different banks treat suspicious transactions slightly differently and a common coordination process for how they handle accounts and cards if transactions might be fraudulent, is expected to be introduced in November.
VNBA’s General Secretary Nguyễn Quốc Hùng said that the uniform process is important to ensure payment safety, information security and protect customers’ rights.
The process will be in line with the established regulations for non-cash payments.
The National Payment Corporation of Việt Nam said that currently each bank has a different process for handling doubtful transactions. Thus, the common process is necessary to facilitate coordination among banks to handle all cases most conveniently.
The draft process is being completed for comments with the association saying that the process will be issued in November to be applied among VNBA’s member credit institutions. — VNS
