TPBank activates 'digital shield' to prevent bank account fraud

In order to deal with increasingly sophisticated fraud schemes, TPBank has launched a risky money transfer warning system - automatically warning and blocking transactions when detecting signs of fraud in the beneficiary account.

Faced with the wave of high-tech crime that has been erupting in Vietnam with thousands of money transfer fraud cases each year, banks are under considerable pressure to protect customers from the risk of losing money through their accounts. In this context, TPBank has officially become the pioneer bank to deploy a synchronous fraud risk warning system across all transaction channels: TPBank App, TPBank Biz, ATMs/LiveBank and at the counter. This solution helps customers promptly identify beneficiary accounts with signs of abnormality, thereby proactively preventing financial fraud right from the beginning of the transaction.

SIMO data integration, strengthening active defense layer

TPBank's new feature operates based on direct connection to the SIMO system (System for Intelligent Monitoring and Oversight) deployed by the State Bank of Vietnam. SIMO is a central platform for sharing information on suspected fraudulent accounts between banks, financial institutions and regulatory agencies. In addition, TPBank has directly connected to the Ministry of Public Security 's data - A05 to diversify warning sources.

TPBank warns of fraud

As soon as the beneficiary account is detected to have signs of risk, the TPBank system will automatically activate the warning mechanism or block the transaction, depending on the severity. This contributes to cutting off the illegal money circulation chain, while increasing the ability to prevent damage to customers.

Automatic warnings according to risk level, flexible and transparent

TPBank's risk warning system is designed to operate fully automatically and only displays when there are unusual transactions. The risk handling mechanism is clearly classified into two levels to ensure flexibility and optimal efficiency.

For beneficiary accounts that are under monitoring or have a low risk level, the system will display a warning directly on the transaction interface, recommending that customers consider carefully before continuing. In this case, customers still have full authority to decide to execute or cancel the transaction.

Conversely, if the system determines that the recipient account is involved in fraudulent behavior or is on the verified list of high risk, TPBank will proactively refuse to process the transaction, meaning that the customer cannot make a money transfer in any form.

This layered approach provides proactive protection for users without impacting legitimate transactions, ensuring a balance between security and a seamless customer experience.

Synchronize across channels, standardize experiences, and provide comprehensive protection

The risk warning feature is integrated synchronously on all TPBank transaction platforms. When customers make money transfer orders on the TPBank App, TPBank Biz or ATMs/LiveBank, the system will directly notify them if the beneficiary account shows suspicious signs. For transactions at the counter, the warning is sent to the transaction officer to directly advise the customer at the time of the transaction.

The important highlight is that the feature is built in the direction of "smart hiding - showing", ensuring that it does not affect the normal user experience, but is always ready to activate when risks arise.

Towards a transparent and safe financial ecosystem

By pioneering the widespread application of SIMO technology, TPBank demonstrates a proactive role in the strategy of preventing financial fraud, while contributing to the effort to build a safe and transparent payment environment for the entire industry.

Statistics show that after a short period of trial operation at several major banks, the SIMO warning system has helped block tens of thousands of suspicious transactions, preventing hundreds of billions of dong in losses for users. TPBank's deployment across all transaction channels shows its strong commitment to community financial safety.

This is not only a technological step forward but also a practical action demonstrating TPBank's social responsibility in the context of increasingly complex financial crimes.

Le Thanh

Source: https://vietnamnet.vn/tpbank-kich-hoat-la-chan-so-chong-lua-dao-tai-khoan-ngan-hang-2458940.html