Banks look to up security

The Vietnam Bank for Foreign Trade, commonly known as Vietcombank, and Techcombank, one of the largest joint-stock banks in the country, announced that they would install modern cameras at their ATMs.
The camera system will help the banks avoid possible fraud due to illegal withdrawals by taking a snap-shot of people who withdraw money and transmitting the photos to the banks’ card centre.
However, director of the Techcombank Card Centre Dinh Viet Cuong said that the camera will not record the personal identification number (PIN) of the card user to ensure that customers’ codes are not disclosed.
The move to install cameras comes after several complaints from ATM cards users stating that the ATM system of banks could not ensure enough safety for depositors, and criminals could still withdraw money illegally.
Techcombank, which has issued 45,000 ‘F@st Access’ ATM cards and installed 39 ATMs, recently had to face a court case in which a card holder demanded the bank repay VND30 million ($2,000) she lost from her account, which she blamed on a lack of security in its ATM system.
Despite the Hanoi-based Hoan Kiem district court finding in favour of the bank, its prestige remains affected.
Right after the case was brought to court earlier this year, Techcombank and the other 18 commercial banks supplying ATM cards to customers were hit strongly by rising doubts in the public about a lack of security and safety in their current systems.
Cuong said that while the recent implementation of ATM card management programmes had strengthened safety for ATM card users, it was not enough, and the move to install cameras at ATMs will boost the security of the system.
Director of Vietcombank’s Card Centre Do Tu Anh had a different opinion. She said that transactions using ‘plastic money’ have risen sharply in the economy, so ensuring security for ATM card users “is a top priority for any bank that wants to develop their ATM banking services.”
Presently, Vietcombank is the biggest player in the ATM card business, with 550 machines installed nationwide. It also offers other services such as allowing customers to pay their electricity and water bills through their bank accounts.
Anh said that in the first 10 months, transactions via Vietcombank’s ATMs rose to VND1,500 billion ($97 million), accounting for 10 per cent of the entire payment system of the bank.
However, Cuong from Techcombank urged ATM card holders to be increasingly vigilant in their card management, and in particular to not share their cards with anyone else.
“Furthermore, to avoid disclosing their PIN codes, card owners should not use their name or date of birth for their PIN number withdraw money from any ATM,” he said.