People who regularly use e-wallets MoMo and Zalopay need to pay attention to this

On December 4, speaking with a reporter from the Lao Dong Newspaper, Mr. Pham Anh Tuan, Director of the Payment Department - State Bank, said that recently, the banking industry's fraudulent account warning system (SIMO) has helped prevent thousands of billions of dong in suspicious transactions.

Specifically, the latest data up to the end of November, the SIMO system had more than 658,000 customers suspending/canceling transactions after receiving warnings, with a total transaction amount of more than 2,500 billion VND.

SIMO is an information system that supports management, monitoring and prevention of fraud risks in payment activities, built, operated and managed by the State Bank.

The system allows banks and payment intermediary service providers to report and update information about accounts/electronic wallets that show signs of suspected fraud, forgery, or law violations.

According to Mr. Pham Anh Tuan, not only commercial banks, e-wallet users also receive warnings about suspected fraud and scam accounts when payment intermediaries also deploy this feature.

Payment application Zalopay said it has just coordinated with the National Payment Corporation of Vietnam (NAPAS) and the State Bank to pilot a feature to warn of money receiving accounts showing signs of suspected fraud or scams.

The warning feature will be piloted for money transfer transactions on Zalopay, including money transfers within wallets and Napas 24/7 interbank money transfers; operated based on Zalopay's fraud assessment system and information provided by SIMO.

Con số bất ngờ từ hệ thống cảnh báo tài khoản ngân hàng gian lận, lừa đảo - Ảnh 1. — Zalopay users will receive warnings about suspected fraudulent accounts when transferring money

"When users transfer money via the Zalopay application, the system will check the recipient's account and send a warning on the money transfer interface if it detects one of three groups of suspicious risk signs. The combination of internal data and data from SIMO helps Zalopay improve its ability to detect early and protect users during transactions" - said a Zalopay representative.

The MoMo super app is also deploying two new security features, applying artificial intelligence (AI) and feedback from the community. The goal of these features is to create a "double shield", helping more than 30 million customers proactively prevent risks when transacting online.

With the new feature, as soon as the user enters the beneficiary account number in the bank transfer step, the MoMo system will immediately analyze the data and display a warning about reliability. The results are shown in green for accounts that have not recorded risks, yellow for accounts with potential risks and red for accounts with signs of fraud.

"These warnings are not only based on the list of suspicious accounts from competent State agencies, but also on data reflecting the MoMo user community and an AI model that detects unusual behavior. This helps customers have more information to consider before clicking the money transfer button," said a MoMo representative.