Deputy Chairman cum General Secretary of VNBA, Dr. Nguyen Quoc Hung, highlighted that fraud and scams involving card payments are becoming increasingly sophisticated, causing significant losses to individuals, enterprises, and financial institutions. In particular, fraudulent schemes have shifted their focus to exploiting businesses through online payment channels.
Deputy Chairman cum General Secretary of VNBA, Dr. Nguyen Quoc Hung
To tackle these challenges, banks have made massive investments in biometric authentication technology, especially for transactions exceeding VND 10 million, significantly reducing fraud against individuals. However, Dr. Hung warned that criminals continually innovate new deceptive tactics, making it essential for banks to remain vigilant.
A major advancement this year has been the official release of the “Handbook for Coordinated Risk Handling of Accounts/Cards/Merchants Involved in Suspected Fraudulent Transfer or Payment Transactions” on September 30, 2025. This handbook, developed jointly by VNBA and its member organizations, serves as a critical guide to enhance collaboration among banks in detecting and responding to fraud cases promptly.
Citing updated data from Visa, Dr. Hung shared that the fraud rate, once the highest in the region, has now drastically fallen to just 7%, demonstrating the banking sector’s strong efforts. Fraud occurrences related to payment accounts have also decreased, signaling a more secure electronic payment environment.
Alongside enhancing communication about fraud risks to customers and protecting their rights, VNBA is intensifying international cooperation to combat cross-border financial crimes. At the recent 53rd ASEAN Banking Council Meeting in Myanmar, member countries highly praised Vietnam’s handbook initiative and expressed keen interest in further joint efforts, particularly in freezing illicit funds transferred across countries.
The seminar also provided a platform for participants to discuss difficulties faced during the handbook’s implementation. Dr. Hung expressed the association’s desire to receive feedback for refining the handbook, improving consistency and efficiency in interbank cooperation, and optimizing risk management.
View of the seminar
The event underscores the collective responsibility of the banking industry to safeguard customers and businesses from increasingly sophisticated card payment fraud. With strong commitment and coordinated action, VNBA continues to lead efforts in updating technical measures, sharing knowledge, and providing timely support to ensure the sustainable development of the national financial system.
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