On May 25, ACB introduced an upgraded warning mechanism for suspicious recipient accounts and bank cards, based on data integrated from the SIMO system, enabling real-time detection and alerts for transactions that show signs of fraud or scams.
According to ACB, the warning mechanism had already been in place to help customers identify transaction risks. Under the latest upgrade, however, the bank has expanded and updated its database using multiple information sources to improve the accuracy and responsiveness of real-time fraud alerts.
Depending on the risk level associated with a recipient account or card, the system issues different warning levels to customers. For level 1 and level 2 alerts, customers may still choose whether to proceed with the transaction. In level 3 cases, where the system identifies clear signs of fraud, transactions are automatically blocked to protect customers from financial losses.
Similarly, Nam A Bank on May 25 launched a service allowing customers to check the status of bank accounts and e-wallets suspected of fraudulent activity through the SIMO platform.
According to Nam A Bank, integration with SIMO enables customers to receive instant alerts when transferring money to accounts or e-wallets showing suspicious signs, allowing them to proactively halt transactions and reduce the risk of losing money.
Thanks to the sector-wide data-sharing mechanism connecting regulators and financial institutions, customers can now more easily verify recipient accounts and reduce information blind spots in online transactions.
The move comes amid the rapid development of deepfake and voice AI technologies, which criminals increasingly exploit to fabricate fake emergency transfer requests, account verification demands, or refund assistance schemes.
Commercial banks have therefore urged customers to exercise caution when receiving urgent transfer requests, independently verify information through official communication channels, avoid accessing suspicious links, and limit the sharing of personal information on social media to minimize the risk of fraud.
SIMO is an information system designed to support the management, supervision, and prevention of payment fraud risks. The platform was developed under the direction of the State Bank of Vietnam in coordination with the Ministry of Public Security’s Department of Cybersecurity and High-Tech Crime Prevention and Control (A05) and the National Payment Corporation of Vietnam (NAPAS).
As of May 17, 2026, the system had issued warnings to more than 4 million customers regarding potentially risky transactions. More than 1.3 million users subsequently chose to suspend or cancel transactions, helping prevent fraudulent transfers totaling approximately VND4.4 trillion.
