Identifying and preventing fraud through digital banking applications.

Major General Le Minh Manh, Head of the Southern Branch of the National Cybersecurity Association, delivers a speech. *Photo: H. Pham*

In his opening remarks, Major General Le Minh Manh, Head of the Southern Branch of the National Cyber Security Association, emphasized that digital transformation in the banking sector is an inevitable trend and brings many values to the economy , but it is also facing many new challenges as fraud crimes through digital banking applications are becoming increasingly sophisticated.

Major General Le Minh Manh noted that high-tech criminals do not directly attack the core systems of banks, but mainly exploit human factors - from customers' lack of vigilance to gaps in information security awareness.

“The press should not only be a channel for reporting events after they occur, but should also become a partner in early warning, public awareness campaigns, and community education , contributing to the formation of a ‘shield of awareness’ for society. Every accurate, timely, and responsible article and news report will contribute to protecting people from risks in cyberspace,” Major General Le Minh Manh stated.

Delegates participate in a roundtable discussion. *Photo: H. Pham*

At the seminar, representatives from the State Bank of Vietnam, experts, and managers pointed out common forms of fraud today such as phishing (impersonating bank websites and applications), smishing (fake brand messages), vishing (making fake phone calls impersonating banks or authorities), installing malware on mobile devices, as well as new tactics using artificial intelligence (AI) and deepfake technology to create sophisticated fraud scenarios.

Alarmingly, many of these incidents not only cause significant financial losses for individuals but also damage the reputation of credit institutions.

Regarding solutions, a representative from the State Bank of Vietnam - Region II shared that the State Bank has been issuing numerous regulations and standards to enhance the security of information systems, while also requiring credit institutions to strengthen measures to prevent and combat fraud and deception in electronic transactions.

The State Bank of Vietnam proposes strengthening coordination among regulatory agencies, credit institutions, technology companies, relevant authorities, and especially with the press and media, in sharing information and providing early warnings about new fraudulent methods and tactics.

Through discussions and exchanges, experts agreed that identifying and preventing fraud through digital banking applications needs to be implemented based on three pillars: Technology - Processes - People.

According to information from the Payment Department of the State Bank of Vietnam, from the beginning of 2025 to the present, through the SIMO system, 592,000 payment account/electronic wallet records with suspicious signs of fraud have been detected; customers have been warned and hundreds of thousands of transactions have been blocked, protecting more than 2.57 trillion VND from risks.

According to the Cyber Security and High-Tech Crime Prevention Department (A05 - Ministry of Public Security), in just eight months of 2025, the country recorded over 1,500 cases of online fraud and property theft, with total estimated losses exceeding 1,660 billion VND. Notably, the majority of these cases directly involved financial transactions and digital banking applications.

Source: https://hanoimoi.vn/nhan-dien-va-phong-chong-lua-dao-qua-ung-dung-ngan-hang-so-727364.html