The event brought together representatives from the State Bank of Vietnam (SBV), the Ministry of Public Security, leaders of VNBA and the Card Working Committee, along with executives from commercial banks, payment intermediaries, international card organizations, and fintech companies.
15 Years of Building the “Soft Shield” for Vietnam’s Payment System
The Risk Management Subcommittee was established on September 10, 2010, under Decision No. 143/HTNH of the Card Association (now the Card Working Committee, VNBA). From its inception, it was tasked with a vital mission: to act as a collaborative bridge between banks, international card organizations, regulators, and law enforcement in preventing, detecting, and mitigating payment risks.
Over the past 15 years, the Subcommittee has achieved significant milestones:
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Centralized early-warning hub: operating a rapid alert system on suspicious transactions, helping banks detect risks in time and collectively prevent losses worth trillions of VND.
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Policy and regulatory contributions: actively involved in drafting and refining technical and legal frameworks on card security, including the migration to domestic chip cards and the drafting of the forthcoming Interbank Risk Handling Handbook.
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Cross-industry and international cooperation: partnering with the Ministry of Public Security’s Cybersecurity Department (A05), Napas, and international card organizations such as Visa and Mastercard to update fraud scenarios and introduce countermeasures.
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Capacity building: hosting regular workshops and forums on card fraud, e-commerce risks, and cybersecurity, training thousands of banking professionals in modern risk management practices.
Dr. Nguyen Quoc Hung – Vice Chairman and Secretary General of VNBA
According to Mr. Nguyen Quoc Hung – Vice Chairman and Secretary General of VNBA:
“The Risk Management Subcommittee has become the ‘soft shield’ of the system. It not only safeguards public confidence in card services but also provides a platform for proposing and refining regulatory mechanisms for payment safety.”
Emerging Challenges in the Digital Era
At the conference, Nguyen Minh Phuong – Head of the Risk Management Subcommittee emphasized that fraud schemes have grown increasingly sophisticated, particularly Card-Not-Present (CNP) fraud, digital wallet fraud (via Apple Pay, Google Pay), and “Ghost Tap” attacks exploiting NFC and OTP manipulation.
Mr. Hoang Ngoc Bach, Head of Department 4, A05, Ministry of Public Security.
Hoang Ngoc Bach – Head of Division 4, A05, Ministry of Public Security, warned:
“Fraudsters are now exploiting AI, deepfakes, and voice cloning to impersonate identities, create false trust, and ultimately misappropriate funds. This is an unprecedented challenge for payment security.”
The SBV underscored the urgent need to implement multi-factor authentication, centralized data sharing platforms (SIMO), and standardized interbank protocols to strengthen fraud response capacity.
Mr. Le Anh Dung - Deputy Director of Payment Department, State Bank of Vietnam
Shaping a Safer and More Sustainable Payment Ecosystem
Beyond reviewing past achievements, the conference also highlighted forward-looking solutions:
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Smart technology adoption: deploying AI, machine learning, and behavioral analytics to detect anomalies in real time.
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Interbank Risk Handling Handbook: a standardized guide to define roles, responsibilities, and coordination between banks, payment intermediaries, and authorities when handling suspicious transactions.
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Regulatory improvements: updating requirements on authentication, account opening, and technology upgrades to meet international standards.
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Cross-sector collaboration: closer coordination among banks, telecom providers, law enforcement, and tech firms to counter SMS scams, phishing, and cyberattacks.
Representative of international card organization presents speech
According to Nguyen Minh Tam – Vice Chairman of the Card Working Committee:
“No single bank can withstand high-tech crime alone. The Subcommittee brings collective intelligence together, ensuring each member both contributes to and benefits from a stronger, safer payment ecosystem.”
Looking Ahead
The 15-year milestone affirms the Subcommittee’s critical role in protecting Vietnam’s card and payment infrastructure. Going forward, it is expected to:
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Serve as the central data and early-warning hub for industry-wide fraud detection;
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Support compliance with Basel III and global operational risk standards;
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Drive innovation hand-in-hand with security in digital payments;
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Enhance risk governance capacity for member institutions and the financial system as a whole.
Panel discussion
The Hue conference was not just a commemorative event, but a turning point — reaffirming that the Risk Management Subcommittee will continue to be the “silent gatekeeper” of Vietnam’s fast-growing digital payments, steering the ecosystem toward one that is secure, transparent, and sustainable.
VNBA News
