Biometric Verification Helps Reduce Over 59% of Bank Account Fraud, Paving the Way for Safer Digital Payments

30/10/2025

Biometric Verification Helps Reduce Over 59% of Bank Account Fraud, Paving the Way for Safer Digital Payments

As of August 15, 2025, biometric data collection and verification have been completed for all individual and corporate payment accounts with digital transactions in Vietnam. Thanks to this initiative, the number of fraud cases has dropped by over 59%, while fraudulent accounts have decreased by 52% compared to the period before biometric verification was implemented.

According to data from the State Bank of Vietnam (SBV), more than 123.9 million individual customer profiles (CIFs) have been collected and verified with biometric information—equivalent to 100% of individual payment accounts with active digital transactions.

For corporate customers, biometric verification has been completed for over 1.3 million profiles, also covering 100% of corporate payment accounts with digital transaction activity. This initiative has not only improved data integrity but also resulted in a significant 59% reduction in fraud cases and a 52% drop in fraudulent accounts compared to the pre-verification period.
(Source: State Bank of Vietnam)

In recent months, the SBV has required credit institutions to cross-check customer biometric data with the National Population Database, ensuring that all individual and corporate payment accounts are biometrically verified before performing digital transactions.

The National Credit Information Center (CIC) has collaborated with the Department of Administrative Management of Social Order (C06) under the Ministry of Public Security to complete six rounds of offline data cleansing, involving approximately 57 million customer records.

Currently:

63 credit institutions and foreign bank branches have deployed chip-based ID card authentication via in-branch devices.
57 credit institutions and 39 intermediary payment organizations have integrated chip-based ID verification via mobile apps.
32 credit institutions and 15 payment intermediaries are implementing VNeID integration.
(Source: State Bank of Vietnam)

Strong Growth in Non-Cash Payments
In the first seven months of 2025, compared to the same period in 2024, non-cash payment transactions in Vietnam surged by 44.4% in volume and 25.04% in value.

Internet transactions increased by 49.65% in volume and 35.61% in value.
Mobile transactions rose by 38.34% and 21.24%, respectively.
QR Code payments saw explosive growth—up 66.73% in volume and 159.58% in value.
Meanwhile, the interbank electronic payment system recorded growth of 4.41% in volume and 45.27% in value, while the financial switching and electronic clearing system grew by 15.77% and 3.77%, respectively.

In contrast, ATM transactions declined by 15.83% in volume and 4.97% in value, reflecting a clear shift in consumer behavior toward digital payment methods over cash withdrawals.

Biometric Verification and Digital Payment Infrastructure: A Dual Shield Against Fraud
Alongside stronger biometric verification, Vietnam’s digital payment infrastructure continues to advance rapidly, supported by intermediary payment platforms such as Pay2Pay.

Pay2Pay provides fast, stable, and secure online payment solutions, integrating data encryption and multi-layer authentication technologies to minimize fraud risks in every transaction.

This combination of biometric security and modern fintech infrastructure marks a major milestone in Vietnam’s journey toward a safer, smarter, and fully digital payment ecosystem.