Starting from January 1, 2025, Circular 50/2024 of the State Bank will officially take effect, providing new regulations to enhance the safety and security of online banking services. Accordingly, banking applications (mobile banking) will no longer be allowed to save customers' account login passwords.
Circular 50/2024 applies to services such as Internet Banking, Mobile Banking, online payment and other payment intermediary platforms. According to Article 8 of the Circular, mobile banking software must comply with the requirement of not storing secret access codes (passwords). In addition, applications must verify customer identity in cases of first-time access or use of new devices. This process includes authentication via SMS OTP, voice OTP or registered biometric information.
Mr. Nguyen Hung, General Director of TPBank, said Circular 50 is a timely measure in the context of increasingly complex technology crimes. Tricks such as information theft and fraud through bank accounts are causing great damage to customers and affecting the development of digital banking.
“Disallowing the application to remember passwords is an important step to protect customers. This measure reduces the risk of information disclosure when passwords are abused or stolen," Mr. Hung shared.
TPBank representative also emphasized that the use of biometric technology such as FaceID or TouchID has become a habit of most customers. Users can log in with their face or fingerprint on the device, which is both convenient and secure without having to remember passwords.
In January 2025, TPBank plans to integrate the login feature via the VNeID application. When forgetting the password, users with a level 2 VNeID account only need to select the login feature via VNeID. After confirming the sharing of information from VNeID, customers will be automatically logged in without entering a password.
Integrating VNeID not only simplifies the login process but also enhances security by using the official authentication system from the Ministry of Public Security. In addition, TPBank still supports customers in re-issuing passwords via hotline to ensure that all users, even those unfamiliar with technology, receive the best support.
The new regulations of the State Bank not only aim to improve user experience but also ensure absolute security for accounts in the context of increasingly popular online transactions. Banks are also actively improving technology and processes to meet the new regulations, bringing the highest convenience and safety to customers.
