Are payments safe in Vietnam? Learn about the risks and precautions in one article

Vietnam's payment environment has developed rapidly in recent years, but security comes with risks. The following is a detailed analysis of the current situation, potential risks and preventive measures:

I. Status of the payment industry in Vietnam

  1. Accelerated digitisation
  • 36 million e-wallet users by 2022 (36% of population)
  • Local platforms like MoMo and ZaloPay coexist with international services like AirPay

  1. regulatory framework
  • Implementation of the Decree on Non-Cash Payments by the State Bank (SBV)
  • Requirement for Payment Institutions to be PCI DSS Certified
  • Enforcement of the requirement for double authentication for 70% transactions

II. Main risk types and cases

  1. Risk of technical vulnerability
    - 2021 An e-wallet API vulnerability led to a loss of 20 billion VND
    - SIM card swapping attack cases increased by 35% annually (SBV data)

  2. Fraud Pattern Updates
    - "Express payout" scam: disguised logistics company asked for OTP code
    - "High-interest finance" phishing: fake bank apps steal information

  3. Cross-border payment pitfalls
    - Increase in the number of cases of fraudulent commercial invoices for SWIFT transfers

III. 7 Protection Strategies

  1. Account Settings
  • Enabling biometric + SMS two-factor authentication
  • Setting a single-day transfer limit (recommended <10 million VND)

  1. trading habit
    ✓ Verify the merchant's official domain name (e.g. .momo.vn)
    ✗ Reject "customer service calls" requesting screen sharing

3.equipment management
Regularly check the list of authorised devices
Avoid using public WiFi for large transfers

4.Diversification of funds
Separation of savings and payment accounts
E-wallet balance is kept within the utilisation limit

5.Information protection
Register a dedicated mobile phone number for financial services
Be wary of "promotional text messages" that contain short links.

6.Dispute Handling Process
Save the complete transaction hash
Complaints to banks need to be submitted within 72 hours

7.legal protection
Understanding Article 17 of the Consumer Protection Act
Notarised fingerprint clause recommended for large contracts

tip from experts: QR code fraud grows by 40% in 2023, according to Vietnam's central bank; always confirm the authenticity of static codes before scanning. For cross-border transactions over $500, it is recommended to split multiple transactions.

With telecom operators like VNPT and Viettel joining the financial ecosystem, payment security needs to be maintained by both users and technology providers. It is recommended to update password combinations for all payments on a quarterly basis and follow the anti-fraud bulletin channel of the State Bank.

IV. Vietnam Payment Security Update (2024 Update)

1. Regulatory upgrade: stricter KYC and AML measures

  • From 2024, all e-wallets must complete Lv3 authentication (face recognition + vivisection)
  • Additional SMS OTP confirmation required for single transfers over VND20 million (approx. USD850)
  • Tax code (for corporate users) or passport copy (for individual users) required for cross-border payments

2. Early warning of new fraudulent practices

🔴 AI voice cloning scam: Criminals use social engineering to obtain voice samples to fake loan requests from friends and family.
🟠 Fake Bank App Trap: Malicious apps imitating VPBank, Techcombank found in Google Play Store.
🟢 Anti-fraud advice: The official app is downloaded only from the bank's official website and installation packages sent via Telegram/Zalo are rejected.

3. Progress in technological defence

✅ Biometric penetration: 90% native platform supports fingerprint/facial verification (VietinBank Pay leads the way).
❌ vulnerability risk: Some small and medium-sized payment platforms are still using an older version of the SSL encryption protocol, making them vulnerable to man-in-the-middle attacks.

V. Risk comparison of different payment methods

payment method risk level major threat Applicable Scenarios
QR code payment ★★☆☆☆☆ static-code tampering micro-retail
NFC mobile phone flash payment ★☆☆☆☆ Risk of equipment loss public transport
online bank ★★★☆☆☆ Phishing website lure Large transactions
E-wallet balance ★★★★☆ ｜Account Hijacking ｜Daily Consumption

📌 expert advice: Over VND 10 million, direct bank transfer is preferred to avoid transferring via e-wallet.

VI. Guidelines for responding to emergencies

In case of theft or fraud:
1️⃣ Immediate freezing of accounts::

  • MoMo/VNPay etc. can be quickly locked by calling 1900545415
    2️⃣ Collecting the chain of evidence::
  • Screenshot transaction history + call recording + SMS content
    3️⃣ Legal recourse::
  • SBV Consumer Protection Hotline (18001177)
  • Cybersecurity Bureau Whistleblower Portal (https://khonggianmang.vn)

VII. Future trends and user recommendations

📈 Blockchain application trials: Vietnam plans to launch a central bank digital currency (CBDC) by 2025, potentially reshaping security standards.
🛡️ proactive protection strategy::