More banks have warning features when transferring money to fraudulent accounts

(NLDO) – A bank has just deployed a feature that automatically warns recipient accounts of signs of suspected fraud for fast money transfer transactions.

Vietcombank has just tested a feature that automatically warns recipient accounts of signs of suspected fraud for Napas24/7 fast money transfer transactions on VCB Digibank.

This is one of the bank's solutions in the context of increasingly sophisticated and complex fraud.

Accordingly, when customers make money transfers on VCB Digibank, the system will automatically identify and warn customers if the recipient's account number shows any unusual signs.

Specifically, the recipient's information does not match the National Population Database. The recipient's account is on the warning list of the competent authority. The recipient's account is on the list of suspected risks (unusually large transactions, receiving money from multiple accounts, etc.)

When a customer transfers money, if the recipient's account number shows any unusual signs, the bank will alert them of suspicion.

"Through the automatic warning system, customers are provided with information about the safety level of the beneficiary account, from which they can proactively decide whether to continue the transaction or not" - said a Vietcombank representative.

Previously, BIDV was the first bank to apply the suspicious transaction warning system from April 1. When customers enter the recipient's account, the system will scan and warn if it is an account on the suspicious list. During a month of testing, 40,000 transactions were stopped, with a total value of up to 160 billion VND.

BIDV representative assessed that this feature has effectively supported users in detecting signs of fraud and contributing to preventing financial losses. BIDV is coordinating with the Ministry of Public Security and the State Bank to continuously update the database of suspicious accounts.

Mr. Pham Anh Tuan, Director of the Payment Department, State Bank, said that MB, VietinBank and Agribank will be the next banks to deploy a similar warning system.

The State Bank will conduct a preliminary review after July 2025 and expand the application to the entire industry. This agency also has regulations that credit institutions must send information about suspected fraudulent accounts to the State Bank to implement the project of building a suspicious data warehouse to share with credit institutions.

To date, the database has collected over 350,000 suspicious accounts and will be shared with credit institutions in the spirit that any unit that sends information to the State Bank will be shared again.

Source: https://nld.com.vn/them-ngan-hang-co-tinh-nang-canh-bao-khi-chuyen-tien-toi-tai-khoan-lua-dao-196250703083412219.htm