The application of population databases, personal identification, and electronic authentication is very important in helping improve the efficiency of transactions between banks and their customers, ensuring safe and sound banking operations and controlling crime in the sector, Deputy Minister of Public Security Nguyen Duy Ngoc has said.

Speaking at a recent conference co-hosted by the Ministry of Public Security (MPS) and the State Bank of Vietnam (SBV) on the application of population databases, personal identification, and electronic authentication in the banking sector, Mr. Ngoc said it is particularly vital amid a boom in cybercrime, especially via banking systems.

SBV Governor Nguyen Thi Hong said digital transformation is now an inexorable trend. In the banking sector, the process has helped change the structure of financial services, with new and modern financial products and services being offered and facilitating people’s access to finance and banking services.

In order to further strengthen the use of population databases in banking operations, Ms. Hong proposed that the SBV and MPS coordinate closely to accelerate improvements in the legal framework and create the conditions for implementation.

It is also essential to build an accurate customer authentication process to prevent cases of document falsification and fraud, she added.