Vietnam Banking Data Under Siege

Financial Crimes on Rise in Vietnam: Banking Data Exploited in 91% of Fraud Cases

A Growing Concern for Financial Security

Vietnam’s banking system has become a prime target for financial crimes, with nearly nine out of ten reported cases involving the exploitation of banking data. The Ministry of Information and Communication has highlighted this critical issue, emphasizing the need for enhanced transaction security among lenders and third-party platforms.

The Alarming Statistics

91%: The percentage of financial fraud cases that implicated the banking system in Vietnam.
15,900: The total number of reported financial fraud incidents this year.
24: The number of identified fraudulent methods used in these cases, including counterfeiting and account hijacking.

Efforts to Combat Financial Crimes

The Authority of Information Security has taken significant steps to address this issue:

4,000 websites blocked: To prevent the spread of financial scams and malicious activities.
3.6 million internet users protected: From fraudulent activities through the use of advanced security measures.

However, Deputy Head of the ministry’s Authority of Information Security Tran Quang Hung warned that the increasing willingness of banks to share customer data with entities like fintech firms and retailers presents new security risks.

The Need for Enhanced Security Measures

To combat financial crimes in Vietnam, it is essential to update the legal framework and establish a code of conduct for banks. This will enable fintech firms to innovate further while protecting customers’ rights during digital transactions.

Nguyen Hoang Long, Deputy CEO of Vietnam’s payment gateway Napas, emphasized the importance of establishing a clear framework for fintech firms and banks to operate within:

“We urge for a set of banking system standards to address these concerns. This will provide a clear framework for fintech firms and banks to operate within, ensuring that customers’ rights are protected.”

Conclusion

The rise in financial crimes in Vietnam highlights the need for enhanced security measures among lenders and third-party platforms. As the country continues to shift towards digital finance, it is essential that the legal framework is updated to mitigate fraud and protect consumers.