Criminals' "anonymous" tool
Since July 1, 2024, mandatory biometric authentication for personal accounts has made it more difficult to commit fraud through these accounts. However, according to the Cyprotek Investigation Team (the team implementing the Anti-Fraud project), fraudsters have quickly switched to using corporate accounts to continue their illegal activities.
Many “ghost” companies are established just to open business accounts and then resell them to fraudulent organizations. For a price of 15 to 30 million VND, a business account can bring illegal income to the subjects.
In particular, the subjects also hired people to perform biometric authentication to open bank accounts with fake business licenses. Some people were even lured directly to fraud centers to support account management, ensuring the fraud process went smoothly.
Fertile ground for criminals
According to Cyprotek, in addition to bank accounts, social media accounts such as Facebook, Zalo, WhatsApp, or Telegram are also important tools for scam organizations. These accounts are sold publicly on platforms such as Telegram, the dark web, or even private groups on Facebook. Each account usually costs only a few hundred thousand VND, but when it falls into the hands of criminals, it can become a tool to scam dozens of people.
The subjects use these social media accounts to build trust with the victims by impersonating relatives, friends, or reputable organizations. They then ask the victims to transfer money to a “front” business account to complete transactions, obtain loans, or pay fake fees.
One of the factors that helps the scam centers operate effectively is the use of sophisticated scripts, purchased or downloaded for free from groups on Telegram and the dark web. Notably, many scripts are written in Chinese and then translated into Vietnamese or other languages, helping the scam organizations target victims in many countries.
These scripts often include photos, videos, or “authentic” information to increase credibility. For example, they pretend to be bank employees, tax authorities, or police officers, calling victims and pressuring them to transfer money immediately.
Gaps from processes and perceptions
Sharing with Lao Dong Newspaper, Mr. Ngo Minh Hieu (Hieu PC), a famous security expert, part of the Cyproteck group, pointed out major loopholes in the account management and security process, thereby posing great challenges for both banks and users.
According to Mr. Hieu, regulations for online money transfers in Vietnam are quite easy, especially for large amounts of money, creating opportunities for scammers to take advantage. The clear difference with European countries and the US is that there, large amounts of money are often strictly controlled. In the US, transactions over 1,000 USD must be reported and their origin verified.
Mr. Hieu commented: “In Vietnam, digital transformation is happening too quickly, from cash payments to electronic payments. However, most people are not fully equipped with security skills, creating opportunities for scammers to take advantage. Banks instruct customers on how to use the products but do not focus on educating users about security."
According to research, since 2022, the State Bank of Vietnam has issued Circular No. 20, guiding the activities of one-way money transfer from Vietnam to foreign countries and payment and money transfer for other current transactions of residents who are organizations and individuals. This Circular provides detailed regulations on the purchase, transfer and carrying of foreign currency abroad, in order to ensure strict management of cash flow and prevent money laundering activities.
In particular, from July 1, 2024, according to Decision 2345/QD-NHNN, the State Bank has implemented measures to enhance safety and security in online payments and card payments.
Transfers of VND10 million or more require customers to authenticate their biometrics. In case customers do not have a chip-embedded citizen identification card or have not updated their biometrics on the banking application, they are forced to go directly to the transaction counter to make the transfer.
According to experts, although Vietnam has issued regulations to strictly manage cash flow and enhance security in banking transactions, it still needs to be further improved and strictly enforced. At the same time, it is necessary to raise awareness and security skills for the people.
