By April 12, more than 3.7 million customer alerts had been issued through the information system for management, supervision and prevention of fraud risks in payment operations (SIMO). More than 1.2 million customers temporarily suspended or cancelled transactions after receiving warnings, involving nearly 4.17 trillion VND (158.12 million USD).
Illustrative photo. Photo: cafef.vn
As financial fraud and online scams become increasingly sophisticated, Vietnamese banks are tightening transaction controls and deploying digital tools to detect risks earlier and better protect customers.?
The State Bank of Vietnam (SBV) said that by April 12, more than 3.7 million customer alerts had been issued through the information system for management, supervision and prevention of fraud risks in payment operations (SIMO).?
According to reports from participating institutions, more than 1.2…
Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
- Pyramid Schemes: Similar to Ponzi schemes, but participants are usually required to sell a product or service. The primary “profit” comes from the recruitment fees of new members rather than actual product sales.
- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.