Vietcombank overhauls online banking system after cyber attack

August 17, 2016 | 09:17

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After VND500 million ($22,400) was transferred out of a Vietcombank’s account against the owner’s will overnight, the bank has made significant changes to its online banking policies in order to prevent similar incidents.

Specifically, the bank lowers the limit for the amount of money an account owner can transfer through internet banking.

The bank also changes the policy for using its Smart OTP app, which allows users to create their OTP for an internet banking transfer, even when they do not have telephone signal, instead of receiving the OTP through a text message.

Existing users who want to continue using the Smart OTP app on their device have to register again on the Vietcombank website. New users or users that changed devices have to show up at a bank office to register.

Earlier, customer Hoang Thi Na Huong reported that at 11 pm on August 3, she received two texts announcing that VND100 million ($4,500) had been withdrawn from an ATM. At 1 am on August 4, another VND100 million ($4,500) was withdrawn also through ATM. Four hours later, she received three notifications about a total VND300 million ($13,450) being transferred from her account. She did not receive any text messages with the OTP to complete the above transactions. After she notified the bank, the bank successfully stopped the transfer of the VND300 million ($13,450), but the remaining VND200 million ($9,000) was lost as it was withdrawn through an ATM in Malaysia.

On August 12, Vietcombank explained that the customer visited a website that pretended to belong to the bank, (specifically http://creatingacreator.com/kob/1/index.htm) on July 28, 2016 on her smartphone, and provided her account information there.

According to Vietcombank’s leaders, the bank is working with the customer as well as the police to investigate the case.

Public opinion says Vietcombank should not hold the account owner entirely responsible for the damages suffered through the criminal act.

After the news broke on August 11, on August 12, Viecombank’s shares fell by VND1,500 ($6.7 US cent) per share to VND54,500 ($2.45) per share at the end of the session. The bank’s market capitalisation therefore fell by VND4 trillion ($180 million).

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