Staying alert key to safe banking transactions online: seminar

Staying alert key to safe banking transactions online: seminar

With digital banking and cashless payments expand rapidly, experts warn that increasingly sophisticated online scams are putting users at risk.

Panelists at the seminar titled “Securing Banking Transactions in the Digital Space” in HCM City on August 8. — Photo courtesy of the organiser

Cashless payments are becoming an inevitable trend in the digital economy, enabling faster, lower-cost and more convenient transactions for both individuals and businesses.

With just a smartphone, users can transfer money, pay bills, shop online or manage their personal finances anytime and anywhere. However, alongside the rapid growth of digital finance, cybersecurity risks and online fraud are also increasing, leaving many people vulnerable to becoming victims.

These concerns were highlighted by experts and representatives of authorities at a seminar titled “Securing Banking Transactions in the Digital Space”, organised by Tiền Phong newspaper on March 8.

Captain Huỳnh Đỗ Tấn Thịnh, an investigator from the Special Criminal Investigation Team under the Criminal Investigation Division (PC02) of the HCM City Police Department, said crimes involving digital platforms were becoming increasingly complex.

Based on recent cases, there are currently around 14 common forms of fraud, about 90 per cent of which involve impersonation tactics, according to Thịnh. Criminals often pose as police officers, government officials or staff from reputable organisations to gain victims’ trust before persuading them to cooperate in business deals, assist with investigations or carry out certain requests in order to steal their money.

He noted that common scam tactics include fraudulent promotions of low-cost travel packages to attract buyers, as well as scams conducted through video calls using deepfake technology to impersonate acquaintances or trusted individuals. Criminals also send fake notices claiming that a SIM card will be locked due to unverified subscriber information, or trick users into installing applications and clicking on links containing advertisements related to online gambling, betting or illegal lending services. In addition, there have been cases of fraudulent brand messages designed to deceive users into providing personal information or carrying out financial transactions.

Scammers also frequently exploit people’s desire to earn quick money by promoting fraudulent financial investment schemes or recruiting “online collaborators” with promises of attractive income. Some criminals even impersonate police officers, prosecutors or court officials, calling victims to claim they are involved in a criminal case and then demanding money transfers under the pretext of “assisting an investigation”.

Another particularly dangerous scheme involves renting or borrowing bank accounts to transfer money. Individuals who lend their accounts, even if they are not directly involved in the fraud, may still be considered accomplices. If large sums are involved, penalties can reach up to 20 years in prison or life imprisonment.

“Therefore, people should absolutely not rent out or lend their bank accounts, or transfer money on behalf of others when the source of funds is unclear,” Thịnh warned.

Panelists at the seminar titled “Securing Banking Transactions in the Digital Space” in HCM City on August 8. — Photo courtesy of the organiser

According to Associate Professor Nguyễn Thị Thu Trang, vice rector of Văn Hiến University, the rapid development of the digital economy is pushing financial transactions increasingly onto technological platforms.

While digital services bring many conveniences, they also expose users to numerous risks such as data theft, online fraud and high-tech cyberattacks. A single careless action can result in the loss of an individual’s entire savings.

Phạm Châu Loan, deputy head of the Digital Channel and Partnership Development Department at Vietcombank, said digital payment methods were becoming increasingly common in Việt Nam. Vietnamese users can now make cross-border QR payments in countries such as Thailand, Laos and China.

However, the convenience of technology had also presented significant challenges in terms of information security. Fraud schemes were becoming increasingly sophisticated, causing substantial losses for users. In reality, young people had been among the most vulnerable groups, as they frequently used digital services but might lack sufficient vigilance, Loan said.

The banking sector had been implementing various measures to promote digital transformation while ensuring transaction security.

However, most fraud cases occurred outside the banking system, through channels such as fraudulent phone calls, malicious text messages or suspicious links.

“Users themselves are a crucial link in the security chain of the digital financial ecosystem,” she said.

She stressed that ensuring financial security in the digital environment would require users to follow basic safety principles. These would include never sharing personal information, passwords or OTP codes with anyone, using only official banking apps and websites, and carefully verifying information before making any transfers.

Phùng Công Sưởng, editor-in-chief of Tiền Phong newspaper, noted that digitalisation would no longer be a choice but the “breath” of the economy. However, the line between security and financial loss was fragile, and individuals must equip themselves with knowledge as a form of “self-defence”.

“Protecting personal finances in the digital environment is not only the responsibility of service providers and State regulatory agencies but also that of every user. When each individual raises their awareness and acts responsibly, we can together create a safer and more advanced digital community,” he said.

Captain Huỳnh Đỗ Tấn Thịnh also urged people, especially young users, to remain calm when receiving suspicious calls or messages.

“The key to protecting yourself is to remain calm and recognise unusual signs from unfamiliar calls, and never allow fear to dictate actions in response to baseless threats or intimidation,” he stressed. 

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