Amid increasingly complex financial fraud, Vietnam’s banks are ramping up digital safeguards, enhancing transaction oversight, and using technology to identify risks early and protect users.
1.2 million suspicious transactions blocked
According to the State Bank of Vietnam, as of April 12, the reports from users of the SIMO system, an information platform supporting the management, monitoring and prevention of fraud risks in payment activities provided that more than 3.7 million customer alerts had been issued. Of these, over 1.2 million customers suspended or canceled transactions after receiving warnings, involving a total value of nearly VND4.17 quadrillion (US$158.29 billion).
Earlier, SIMO had been deployed across 149 institutions, including 99 credit institutions and 50 payment intermediaries, with more than 688,000 suspected fraud records recorded as of March 23.
Banks are reinforcing their digital defenses. Agribank’s AgriNotify system detects suspicious accounts in real time, while other major banks, including Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Military Commercial Joint Stock Bank (MB), have deployed similar alerts across both digital and in-branch channels, enabling customers to identify risks before finalizing transactions.
Instant transfers halted for transactions above VND500 million
To further enhance security, regulators have tightened oversight of high-value transfers. Many commercial banks in April scrapped the automatic splitting function for transfers exceeding VND500 million (US$19,000) on digital banking platforms, following new rules under Circular 40/2024. These high-value transactions will instead be routed through standard channels, effective May 1 for individuals and May 5, 2026 for enterprises.
Despite these technological measures, banks continue to urge customers to remain vigilant, safeguard personal data and follow secure transaction guidelines.
Vietnam’s cashless payment ecosystem continues to expand rapidly, with interbank electronic transactions reaching nearly VND130 quadrillion (US$4.9 trillion) in the first quarter of 2026, up more than 70 percent year-on-year.
