Identifying new types of fraud and scams in card payment activities

The seminar was presided over by Mr. Nguyen Quoc Hung, Vice Chairman and General Secretary of the VNBA. Distinguished guests included Mr. Hoang Ngoc Bach, Head of Division 4, Department of Cybersecurity and High-Tech Crime Prevention (A05) - Ministry of Public Security; and Mr. Nguyen Manh Luat, Cybersecurity Expert and CEO of Cyberjutsu. The event also saw the participation of Mr. Nguyen Minh Tam, Vice Chairman of the Card Association, members of the Risk Management Sub-committee, the drafting team of the Risk Handling Handbook, and representatives from member organizations in the Southern region.

The escalating complexity of payment fraud

In his opening remarks, Mr. Nguyen Quoc Hung emphasized the critical timing and importance of the seminar, aiming to minimize fraud in the context of rapid digital transformation. While current measures—such as legal amendments by the Ministry of Public Security and the State Bank of Vietnam, and significant investments by banks in biometric authentication for high-value transactions—have curbed certain activities, fraudulent tactics continue to evolve. Notably, as fraud targeting individuals becomes more difficult, criminals are increasingly shifting their focus toward businesses involved in online payments.

To address these challenges, the VNBA and its member organizations have officially issued the "Handbook for Coordination and Support in Handling Risks Related to Accounts/Cards/Merchants Involved in Suspected Fraudulent Transactions" (hereinafter referred to as the Handbook), effective from September 30, 2025.

Evolving criminal tactics: From skimming to jackpotting

Mr. Hoang Ngoc Bach from the A05 Department highlighted that financial crime is predominantly cross-border, with most card and account fraud cases involving foreign elements.

• Skimming: While skimming (data theft at ATMs) declined during the COVID-19 pandemic due to travel restrictions, it remains a threat as it relies heavily on foreign criminal networks.

• Jackpotting: A sophisticated method involving direct attacks on ATMs to force them to dispense cash, known as "Jackpotting," has been recorded in the US. Although not yet prevalent in Vietnam, financial institutions are urged to be proactive in prevention.

• Physical Card Risks: Cardholders often expose themselves to risk by handing cards to service staff or by transacting online with basic information (Card Number, CVV, Expiry Date).

• Cross-border Theft: Criminals are even stealing chips from cards to mount on other devices for unauthorized payments. Furthermore, foreign criminals are using Vietnam as a "cash-out" destination, printing stolen data onto blank cards and swiping them at local POS terminals to misappropriate funds.

High-Tech scams: Deepfakes and Real-time phishing

Mr. Nguyen Manh Luat, CEO of Cyberjutsu, outlined the latest high-tech fraud methods:

• QR Code Fraud: Criminals deploy fake QR codes at public locations or via digital channels, redirecting victims to phishing websites to steal login credentials.

• Deepfake & Impersonation: Advanced AI is used to clone the voices and images of senior leaders or trusted organizations to manipulate victims.

• Real-Time Phishing: Hackers use "Man-in-the-Middle" attacks to simulate a victim’s login process in real-time, instantly utilizing captured OTPs to finalize illicit transactions.

• Device Takeover: Criminals gain control over user devices to directly appropriate assets.

Standardizing risk response

Ms. Le Thi Hong Nhung, Deputy Head of the Service Operation and Monitoring Center at NAPAS, presented the key features of the new Handbook. The document, comprising 3 chapters and 13 articles, standardizes the coordination process among banks to prevent the abuse of tracing requests while protecting member institutions. NAPAS is also deploying risk management tools to support fraud reporting, request processing, and the tracing of suspicious accounts.

Commitment to implementation

During the discussion, representatives from BIDV confirmed they have standardized their internal processes based on the Handbook. Other banks, including ABBank and Shinhan Bank, raised queries regarding coordination flows and customer protection mechanisms, which were addressed by the VNBA and A05 leadership.

Concluding the seminar, Mr. Nguyen Quoc Hung affirmed that the VNBA would issue a directive urging all credit institutions to review their internal regulations and integrate the Handbook’s coordination protocols. The ultimate goal is to create a unified front against financial crime, ensuring the safety of the payment ecosystem.

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