Financial pitfalls in the 4.0 era: Identifying and avoiding risks in the digital economy

According to preliminary statistics, in 2024 alone, Vietnamese people lost thousands of billions of dong due to online scams, an alarming number. From loan sharking applications, foreign exchange (Forex) trading floors, spontaneous virtual currencies with promises of "sky-high" profits, to disguised multi-level marketing models, all are setting up "sweet traps", targeting ignorance and greed.

The consequences are not limited to property damage, but also cause social instability and erode confidence in the market. Correctly identifying the nature and mode of operation of this type of crime is an urgent requirement for each citizen to equip themselves with "resistance".

In the "maze" of financial applications, one of the most popular forms is the super-profitable investment model through apps or virtual trading floors. They invite investment in spontaneous Forex floors like Ex... or "junk" virtual currency projects with unrealistic interest rate commitments, several dozen percent per month. Initially, to create trust, they can pay interest regularly. But in fact, this is a classic Ponzi scam model, taking money from later people to pay interest to earlier people. When they have mobilized enough, these floors will suddenly "collapse", disappearing with all the investors' money. The story of thousands of investors losing everything in the recent collapse of trading floor A of a famous businessman B is a painful proof.

Social networking systems and online applications are dense, directly linked to people's financial transactions today.

In addition, online black credit through consumer lending apps is also a painful problem. With simple procedures, borrowers can receive money quickly. However, hidden behind that is an "exorbitant" interest rate, up to 1,000% - 2,000% / year, along with countless "ghost" fees. When unable to pay the debt, debt collectors will use psychological terrorism: Continuously calling, texting threats, cutting and pasting images of the victim with obscene content and posting them on social networks. social networks, putting pressure on relatives and colleagues.

Not stopping there, the disguised multi-level marketing models also constantly change their cover. Instead of selling tangible products, they invite investment in worthless get-rich-quick courses, "ghost" real estate projects on the Metaverse platform, or "shares" of non-existent "unicorn" technology companies. The key is still to attract participants with extremely high referral commissions. When the system collapses, the last people to join lose everything.

So why, despite many warnings, do many people, even those with qualifications, still "rush into" these traps? Psychologists point out that the crowd effect (FOMO - Fear of Missing Out) plays a big role. When seeing others boasting of "huge" profits, many people are easily drawn in. In addition, the mentality of wanting to get rich quickly and excessive gullibility are also fatal weaknesses.

Faced with the outbreak of financial fraud, state management agencies have taken drastic action. The Ministry of Public Security , especially the Department of Cyber Security and High-Tech Crime Prevention (A05), has continuously issued warnings and dismantled many large networks. The State Bank of Vietnam regularly updates regulations, requiring credit institutions to enhance security. The Ministry of Science and Technology steps up the handling of websites and applications that violate the law. However, this fight requires the cooperation of the whole society.

The most fundamental solution is to improve the financial "resistance" of the community. It is extremely necessary to popularize basic financial knowledge. Each individual needs to form the habit of carefully researching information and verifying the legality of organizations calling for investment - for example, checking the list of licensed organizations on the official website of the State Bank. Absolutely do not provide sensitive personal information (ID card number, OTP code, password) to anyone.

When detecting signs of fraud, people should immediately report to the nearest police agency or notify through the Information Security Warning Portal of the National Cyber Security Monitoring Center (NCSC). Only vigilance, understanding and decisive action from each individual can create a solid "fence", protecting the achievements of the digital economy and the peace of society./.

Source: https://baolangson.vn/cam-bay-tai-chinh-thoi-4-0-nhan-dien-va-phong-tranh-rui-ro-trong-nen-kinh-te-so-5063399.html