VN banks launch handbook to combat online fraud

VN banks launch handbook to combat online fraud

Early intervention to block suspicious transfers is considered the most effective measure.

The coordination among banks in preventing financial frauds is critical in the process of digital transformation amid increasingly complicated and widespread online scams. — VNA/VNS Photo Trần Việt

Vietnam Banks Association (VNBA) has unveiled a new handbook designed to coordinate risk management for accounts, cards and payment service providers involved in suspected fraud or scams.

VNBA Deputy President Nguyễn Quốc Hùng emphasised that collaboration among banks is critical in preventing financial fraud as the country undergoes rapid digital transformation amid increasingly complex and widespread online scams.

“Speed is a decisive factor in fraud prevention,” Hùng said, noting that delays can make recovery nearly impossible because electronic funds move within seconds. Early intervention to block suspicious transfers remains the most effective measure, he added.

The handbook will take effect in one month and sets out coordination procedures for banks and payment intermediaries. Banks are required to review and update their internal procedures by November 30.

When a suspicious transaction is detected, the National Payment Corporation of Vietnam (NAPAS) system will automatically trace related accounts and notify relevant banks for timely action.

A representative from BIDV said that once suspected funds are frozen, they should not be refunded even if a customer requests account closure, ensuring consistency and preventing loopholes in fraud handling. BIDV also proposed creating a specialised group under VNBA to detect and manage fraud promptly.

TPBank highlighted that the coordination mechanism will enable timely information sharing among banks, while a Vietinbank representative urged linking databases between banks and the Ministry of Public Security to facilitate fraud prevention, including oversight of e-wallets and digital assets.

Head of the State Bank of Vietnam’s Payment Department Phạm Anh Tuấn noted that while Việt Nam has one of the world’s fastest payment infrastructures, this speed also increases cybercrime risks. He called on banks to coordinate closely to protect customers and maintain trust in the banking system.

Hoàng Ngọc Bách from the Ministry of Public Security described the handbook as a major step in establishing a coordinated mechanism for banks to detect and respond to fraud. 

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