The State Bank of Vietnam (SBV) has instructed concerned agencies and organisations to keep a strict check on the use of credit cards to prevent false transactions.
Hanoi (VNA) - The StateBank of Vietnam (SBV) has instructed concerned agencies and organisationsto keep a strict check on the use of credit cards to prevent falsetransactions. In a move aimed at keeping thecredit card market safe so it develops healthily, the SBV issued Document No.9325/ NHNN-TT dated December 5, directing card issuers, card payment organisations,payment intermediary organisations and SBV’s branches across the nation toprevent the use of credit cards in sham transactions, in which card-acceptingunits permit card holders to withdraw cash via points of sales (POS) withoutmaking any real transactions related to the sale or purchase of goods andservices. The central bank said it has recentlycome across some cases where credit card holders used the card to simplywithdraw cash. Such kind of transactions areprohibited under Vietnam’s law as they are a risk and can negatively affect thehealthy development of the country’s credit card market, the SBV noted in thedocument posted on its website. To manage the card market better,the central bank has asked card issuers and card payment institutions toscrutinise and select only reliable card-accepting units. Then, they have toclosely monitor credit card transactions to avoid sham transactions, it said. Before issuing credit cards tocustomers, these agencies must conduct a comprehensive assessment and scrutinyto meet the country’s legal regulations on granting credit.
The central bank has prohibitedpayment intermediary organisations from providing services for pretendedtransactions. The SBV has also asked card issuersand caไrd payment institutions to raise awareness among people about 🌊falsetransactions and other frauds related to card and electronic payments.
Besides raising people’s awarenessabout pretended transactions and following a non-cash payment policy, the SBV’sbranches must regularly conduct inspections to uncover violations, the centralbank said. – VNA
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