VIB pioneers advanced security solution for online payments

MyVIB Smart OTP makes online payments far more secure

According to Decision No.630 issued by the State Bank of Vietnam, from 2019, with high value transactions, banks must provide One-Time Password (OTP) authentication based on advanced security solutions, such as soft OTP, Token, advanced Token, and biometric verification, among others. The regulation aims to improve the security of online banking services and minimise the risks of online payments.

In order to satisfy customer demand, VIB has recently launched MyVIB Smart OTP helping to get OTP directly through the MyVIB mobile banking application, instead of SMS or Token. This provides customers with more choices when making online transactions.

The outstanding advantage of MyVIB Smart OTP is that it does not require mobile phone services, enabling customers who travel or work abroad to use it without using roaming to make quick banking transactions.

In fact, some banks already apply OTP generation software. However, with VIB’s Smart OTP application, customers do not need to open the app to get OTP, they just need to enter the PIN of the MyVIB Smart OTP app directly in the MyVIB application, then the OTP will be automatically filled in. Therefore, customers do not have to move between applications while making transactions or remember the OTP, helping them save time.

In addition, the MyVIB Smart OTP can identify high value transactions and provide appropriate advanced OTP. Hence, the security of the transaction is improved.

This solution is aimed not only to support the Vietnamese Government’s cash restriction policy and comply with Decision No.630, but also bring about advanced, secure, and convenient technology experience to customers using online transactions, said the representative of VIB.

Customers can register for the MyVIB Smart OTP service directly on the MyVIB application with two simple steps, without having to visit the bank’s branches, and can use it for free.

Besides the MyVIB Smart OTP solution for individual customers, VIB also offers advanced Token OTP (OTP Display Card) with the same functions for corporate customers.

With many achievements in digital banking, VIB has been consecutively awarded by international organisations (Global Banking & Review Finance, The Asset, IDG, etc.) for the bank’s endless efforts to implement advanced technologies to bring the best experiences to customers.