The State Bank of Vietnam (SBV) has asked commercial banks to limit the number of credit and debit cards and the number of settlement accounts issued for a single client in a bid to fight and prevent fraud, Tuoi Tre newspaper reports.
Document 3804 dated May 25 sent by the central bank to issuing banks warned of the possibility of an individual customer using fake documents and information to open an ATM account, and then consigned it to others who might use it with illegal purposes.
In the document, the central bank urged banks to restrict the number of credit and debit cards and transaction amounts to avoid risks.
In addition, SBV requested banks to review all procedures, documents, profiles of customers who ask for a card. Besides, these banks are requested to thoroughly inspect and tighten the process of opening an account.
Banks necessarily map out measures to detect fraudulent acts and handle them promptly.
The central bank also told banks to take precautions against cases of using falsified documents and impostures for opening and using credit and debit cards.
Banks are also told to tightly supervise transactions at card-accepting units, especially those with high-value transactions not compatible to their business scales, so as to effectively tackle problems and stop violations.
Many countries in the world are quickly switching to chip cards that are safer, so Vietnam, where low-tech ATM cards are popular, might risk becoming a hot spot for card fraudsters.
http://english.thesaigontimes.vn/60092/Banks-asked-to-limit-number-of-cards-issued-for-clients-.html
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