Will warn of suspected fraud when transferring money

The State Bank of Vietnam will deploy fraud warnings right on the application when transferring money and propose to ban the use of alias accounts to tighten management and protect users.

This is some information shared by Mr. Pham Anh Tuan, Director of the Payment Department - State Bank, at the press conference announcing the event Digital Transformation of the Banking Industry in 2025 held on May 26.

Accordingly, the State Bank will deploy a warning of suspected fraud when users transfer money via banking applications. If the receiving account is suspicious, the system will display a notification so that customers can decide for themselves whether to continue the transaction.

This solution has been piloted by BIDV since April 1, 2025. After nearly two months of implementation, more than VND 100 billion of customers' money has been retained thanks to timely warnings and transaction suspension. Major banks such as Vietcombank, VietinBank, MB and Agribank will implement it from the end of June to July 2025, aiming to apply it throughout the system this year.

After completing the implementation at major banks and evaluating the effectiveness, the State Bank plans to apply it throughout the system this year.

In parallel, the banking industry also built a database of suspected fraudulent accounts, connecting it to the National Population Database for authentication. Currently, about 113/200 million bank accounts are fully authenticated.

Account rental and the use of "dummies" to facilitate fraud still occur. The Ministry of Public Security is proposing to amend the Penal Code to deal with these acts.

In addition, the State Bank is finalizing a draft amendment to Circular 17/2024 (expected to take effect from September 1), with a notable new point being the prohibition of the use of alias accounts and the requirement that accounts display specific numbers.

The draft also requires organizations opening accounts to come directly and authenticate biometrics with newly established organizations under 9 months old, especially those similar to sole proprietorships. Large enterprises, listed companies, state-owned corporations, etc. will be exempted because they already have complete authentication information.

Using VNeID is recommended for information verification.

Source: https://baoquangninh.vn/se-canh-bao-nghi-lua-dao-khi-chuyen-tien-3359927.html