According to new information provided by the Payment Department of the State Bank of Vietnam on the occasion of the unit's 20th anniversary (2005 - 2025), after two decades, the payment system in Vietnam has made remarkable progress in both scale and security. The commissioning of the State Bank of Vietnam's Information System for managing, monitoring, and preventing fraud risks in payment operations (SIMO) in 2025 is considered a significant milestone in risk management and prevention.
According to the Payment Department, as of December 11, 2025, 122 out of 147 units had successfully connected and reported to the SIMO system. The system recorded 592,000 records related to payment accounts and e-wallets showing signs of suspected fraud, scams, or legal violations. Based on this, SIMO issued warnings to millions of customers, helping users promptly identify risks and proactively stop transactions. The total value of transactions blocked or canceled after the warnings amounted to over 2.57 trillion VND.
SIMO not only acts as a warning system but also assists credit institutions in making decisions to immediately block transactions or require account verification and identification before continuing online transactions. This mechanism helps minimize the risk of financial loss while enhancing the security of customers' payment accounts and e-wallets in the digital environment.
Over 2.5 trillion VND was saved thanks to the SIMO early warning system. (Illustrative image)
The results from SIMO, placed within the broader context of the development of cashless payment systems in Vietnam, highlight the increasing demands for security and oversight. After 20 years of development, the number of cashless payment transactions has increased approximately 500 times, while the transaction value has increased more than 60 times compared to 2005. Specifically, between 2015 and 2025, internet transactions are expected to increase approximately 59 times in number and 21 times in value; mobile phone transactions are expected to increase approximately 280 times in number and 600 times in value.
The explosion of new payment methods has also brought significant pressure to risk management. QR code payments, which began to gain popularity in 2018, have now increased more than 700 times in volume and over 400 times in value. Alongside this, the financial switching and electronic clearing system operated by NAPAS since 2015 has become a crucial infrastructure for instant retail payments, domestic chip cards, and standardized interbank payments via QR codes. Between 2018 and 2025, this system is expected to record an average annual growth rate of over 170% in transaction volume and 180% in transaction value.
At the core infrastructure level, the Interbank Payment System (IBPS) continues to play a pivotal role in the economy . Launched in May 2002 and expanded nationwide by the end of 2008, IBPS has operated continuously, safely, and efficiently. Compared to 2005, the number of transactions through IBPS has increased 36 times, while the transaction value has increased 148 times. Since October 2008, the Payment Department has been assigned the additional function of supervising the IBPS system, thereby contributing to ensuring stable operation and supporting the implementation of monetary policy, promoting economic growth.
In the context of the rapidly increasing scale and speed of digital payments, the State Bank of Vietnam has issued a Strategy for Supervising Payment Systems in Vietnam, along with circulars regulating and organizing the supervision of important payment systems and intermediary payment service providers. The launch of SIMO is seen as a concrete step in implementing this strategy, aiming to create an additional layer of protection against fraud risks.
Source: https://congthuong.vn/hon-2-500-ty-dong-thoat-bay-lua-dao-nho-canh-bao-som-434644.html
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