The commendations recognize VIB's "exceptional achievements in implementing Project 06 for the 2022-2025 period" and "outstanding efforts in deploying high-tech crime prevention solutions". A bank representative stated this resulted from VIB's investment in data, technology, and risk management, alongside collaboration with the Ministry of Public Security on digital identification and customer protection programs.

Amidst the government's push for national digital transformation, Project 06, focusing on population data application, digital identification, and electronic authentication, establishes a framework for ministries, sectors, and businesses to leverage data in practice, particularly within the banking sector. Following Plan 01/KHPH-BCA-NHNNVN between the Ministry of Public Security and the State Bank of Vietnam, VIB was one of the first banks to collaborate on implementing the project's initiatives.

The bank applies automatic identity verification in account opening and credit card processes. Photo: VIB

By directly connecting to the national population database, managed by the Ministry of Public Security, VIB implements automatic identity verification in its account opening and credit card application processes. This solution shortens processing times and enhances the accuracy of identity verification. Direct verification against original data also helps mitigate risks of identity fraud and the use of invalid documents for opening accounts, securing loans, or conducting illegal transactions.

Building on this foundation, the bank continues to research applying data from national databases to its credit assessment and approval processes. This aims to shorten application processing times and expand access to capital for customer groups without a complete credit history. According to VIB, this approach helps narrow the gap currently exploited by informal credit providers.

In addition to strengthening digital identification, VIB continues to invest in data, technology, and risk management systems. This enhances its ability to detect, warn against, and prevent increasingly sophisticated forms of fraud. These capabilities are integrated into various processes and customer touchpoints, contributing to increased security for digital transactions.

One readily apparent application is the transaction alert mechanisms, which help customers identify unusual signs before making payments or transfers. Behind these alerts lies a comprehensive system of data, technology, and management, which the bank has built and refined over many years.

According to the bank, for a retail bank serving millions of customers, investing in risk management not only limits losses but also improves service quality and strengthens customer trust long-term. As digital transaction volume and the number of users in the digital environment continue to grow, the role of these platforms becomes increasingly crucial. The two commendations from the Minister of Public Security thus signify recognition of VIB's successful implementation of Project 06 and its high-tech crime prevention solutions. They also highlight VIB's progressive development of operational capabilities to meet the demands of digital banking, aiming for a safer, more transparent transaction environment.

Hoang Dan