VNBA unveils joint framework to combat financial fraud

The Manual, issued via Decision No. 71/QĐ-HHNH by the VNBA on September 30, 2025 , mandates unprecedented inter-bank cooperation, moving away from banks tackling risks individually.

Key features of the new framework include:

Rapid Processing: Establishing a standardized response time of a maximum of T+3 working days for all parties to coordinate and implement measures once suspicious activity is detected.

System-wide Coordination: Ensuring the swift exchange of information and execution of account freezes/suspensions across the network.

Clear Accountability: Defining the responsibilities of both the requesting bank and the receiving bank to ensure effective coordination.

During the launch event, Mr. Nguyễn Quốc Hùng, VNBA Vice President and Secretary General, stressed the need for solidarity: "The reality shows that handling fraud and deception requires close coordination among banks. It is almost impossible to ensure efficiency if each bank operates under its own regulations... fraudulent money flows very quickly".

The State Bank of Vietnam (SBV) welcomed the initiative, citing significant early success from enhanced vigilance. Mr. Phạm Anh Tuấn, Director General of the SBV’s Payment Department, noted that warning customers based on suspicious accounts had already helped prevent the loss of approximately VND 1,500 billion.

The rapid development of digital payments, fast money transfers, bank cards/accounts and e-wallets – which are priorities of digital transformation – but also come with risks facing high-tech crimes. “Just a few minutes of delay, the money flow has been dispersed to many intermediary accounts, almost impossible to trace and recover. This is the first time the banking industry has a unified set of guidelines, specifying the coordination mechanism, sharing data and supporting the investigation of financial fraud cases. The issuance and implementation of the Manual is an important first step, demonstrating the spirit of solidarity between the banking industry and the police industry in protecting the safety of the national financial system and protecting the safety of customers' assets. – Mr. Hoang Ngoc Bach – Head of Department A05, Ministry of Public Security.
Therefore, a system-wide coordination framework is really needed, not just each bank “fixing the problem” individually.

From idea to draft
The journey started at the end of 2023, when the SBV directed VNBA to take the lead in developing a document guiding coordination between banks, payment intermediaries and payment acceptance units. According to Mr. Hung: “The Manual is not a legal document, but it is an extremely important tool to help credit institutions have a basis for close coordination and unification in handling... The drafting process went through four rounds of extensive consultation with the State Bank of Vietnam, the Ministry of Public Security, the Supreme People's Procuracy, the Supreme People's Court, commercial banks, financial companies, and payment intermediaries. The draft was completed on September 30, 2025 and was issued by VNBA under Decision No. 71/QD-HHNH. The Manual takes effect 30 days after the date of signing. On October 21, 2025, VNBA held a system-wide deployment meeting, conveying the content, process, and implementation roadmap.

Highlights of the Handbook
The Manual is built on the principles: fast - connected - clear responsibility. According to information from the meeting:
• Standard process includes many steps: receiving complaints/when there are signs of unusual transactions → creating a "Support request" to send between organizations → blocking/suspending accounts/cards/payment acceptance units → exchanging information between banks → coordinating to trace cash flow → transferring files to the investigation agency, if necessary.
• Processing time: maximum T+3, i.e. 3 working days from the time of detecting signs for the parties to coordinate and implement measures.
• Information channel: using the system of NAPAS - Vietnam National Payment Joint Stock Company and official contact points of VNBA to exchange, ensuring speed and confidentiality.
• Applicable subjects: Commercial banks, foreign bank branches, financial companies that are members of VNBA; and extended to organizations providing intermediary payment services that are not necessarily members.
• Clear responsibilities: the requesting bank (TCYC) and the requesting bank (TCNYC) are responsible for coordination, each party has a clear contact point; the bank must report to VNBA if it finds that another organization does not follow the process.
Mr. Nguyen Minh Phuong - Head of the Risk Management Subcommittee, Card Association, VNBA - shared: "The content of the Manual is built closely following current legal regulations. The Manual not only supports early warning but also provides detailed instructions on the handling process when a transaction with suspected risk has occurred."

Taking drastic action and implementing in the field
Immediately after the announcement, major banks have started to apply it. For example, at Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), Ms. Do Thi Bich Mai - Permanent Deputy Director of the Operations Board - said:
"The bank has been testing the SIMO system (A system to monitor payment accounts and e-wallets suspected of fraud and counterfeiting of SBV) since September 2025, allowing automatic screening and warning of accounts with unusual signs... VietinBank plans to expand connections with other banks in November and monitor all ATM channels, counters, and e-wallets." Initial results have emerged, and positive signs suggest that the coordination mechanism is beginning to take effect.

The VNBA will now serve as the focal point for oversight, ensuring the Manual becomes a truly cohesive "common shield" that protects both the banking system's reputation and customers' legal rights against increasingly sophisticated high-tech crimes.

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