Common Financial Fraud Schemes in Vietnam Leave Millions Vulnerable

As Vietnam’s digital transformation accelerates, a growing number of individuals are exploiting the internet boom to perpetuate online scams, leaving millions of citizens vulnerable to financial fraud.

Statistics on Online Scams in Vietnam

According to statistics from the Vietnam Information Security Warning Portal, there were 12,935 reported cases of online scams in 2022. The majority of these cases fell into three categories:

• Brand Counterfeiting: Scammers counterfeited the brands of well-known institutions such as commercial banks, state agencies, financial and securities companies.
• Online Account Appropriation: Scammers forged authentic websites/blogs to swindle victims and collect personal information.
• Other Types of Scams: This category included romance scams, lending app scams, and other types of fraudulent activities.

Tactics Used by Scammers

Scammers typically employ various tactics to gain victims’ trust and extract their assets. These tactics include:

• Exploiting Credulity: Scammers prey on individuals’ credulity and lack of information.
• Preying on Vulnerable Individuals: Scammers target individuals who are unemployed, have low incomes, or are experiencing financial difficulties.
• Forging Authentic Websites/Blogs: Scammers create fake websites or blogs to swindle victims and collect personal information.

Methods Used by Scammers

Scammers use various methods to carry out their fraudulent activities. These methods include:

• Fraudulent SMS Texts: Scammers send fraudulent SMS texts to victims, claiming to be from well-known institutions.
• Hijacked Social Media Accounts: Scammers hijack social media accounts such as Zalo, Facebook, and TikTok to send fraudulent messages to friends and relatives.
• Strange Telephone Numbers: Scammers use telephone numbers with strange prefixes to call victims, claiming to be from state agencies, police, or telecom carriers.

Consequences of Online Scams

The consequences of these scams are devastating, leaving many Vietnamese citizens financially vulnerable and exposed to identity theft. It is essential that citizens remain vigilant and take steps to protect themselves from these common financial fraud schemes.

What You Can Do to Protect Yourself

• Be cautious when receiving unexpected emails or SMS texts.
• Verify the authenticity of websites and blogs before providing personal information.
• Keep your social media accounts private and do not share sensitive information with strangers.
• Be wary of unsolicited calls claiming to be from state agencies, police, or telecom carriers.

By staying informed and taking steps to protect yourself, you can reduce the risk of falling victim to these common financial fraud schemes.