The move, announced on May 25, aligns with the State Bank of Vietnam's (SBV) strategy to accelerate digital transformation and improve security in payment operations. The SBV has launched the system to monitor accounts suspected of fraud, in line with Plan No.02/KH-NHNN issued by the Governor on February 13 on science, technology and digital transformation tasks in the banking sector for 2026.
SIMO stands for System of Information Monitoring Online. It is an information system for managing, supervising, and preventing fraud risks in payment operations, serving as a platform to receive reports from banks, foreign bank branches, and payment intermediary service providers.
Developed and managed by the State Bank of Vietnam in close collaboration with relevant agencies, SIMO is considered the banking sector's national 'digital shield' in the fight against cybercrime. The system compiles a list of payment accounts and e-wallets showing signs of fraud, scams, or legal violations to provide timely warnings to users.
Once operational, the integration of the SIMO system will bring significant benefits to Nam A Bank’s customers through the direct and immediate protection for money transfer transactions.
First, the system will warn and prevent risks in real time. If the target account or e-wallet is on SIMO's suspicious list, the transaction screen will display an immediate warning. Based on this reminder, customers can stop the transaction and double-check the information to minimise the risk of financial loss.
Secondly, the system helps eliminate information 'blind spots'. Previously, customers often found it difficult to verify whether an unfamiliar account was linked to fraudulent activity before clicking the transfer button. Through an industry-wide data interconnection mechanism, Nam A Bank’s customers can benefit from continuously updated data from regulatory bodies and other financial institutions, thereby increasing transparency regarding the destination of capital flows.
Thirdly, customers will be able to make secure transactions at every touchpoint. Customers are not limited by protection boundaries. Leveraging heavy investment in technology and personnel, Nam A Bank ensures the SIMO system operates smoothly 24/7, ready for deployment from May 25. Customers can verify information and make secure transactions from the Open Banking digital banking platform, OneBank 365+ digital transaction points, to the counter.
Fourthly, the system ensures maximum protection of personal information. It strictly ensures security and personal data protection in accordance with the regulations of the regulatory bodies. As a result, customers can conduct transactions safely without concerns about personal information leakage.
"Against the backdrop of increasingly sophisticated and complex online fraudulent activities, it is no longer the sole responsibility of individual institutions, but requiring the collaborative efforts of the entire industry to protect customers’ assets," a representative of Nam A Bank said. "The SBV has selected Nam A Bank as the early adopter of the SIMO system, underscoring the bank’s technological capabilities, comprehensive risk management system, and proactive commitment to optimising experience and bringing peace of mind to customers. At the same time, the initiative also contributes to building a healthy, secure, and sustainable digital payments ecosystem."
