Stop the fraud with bank accounts
Create a blacklist of accounts, use artificial intelligence applications to detect fraud before transferring money…
From July 1, 2025, major banks in Vietnam will help customers feel more secure against the sophisticated tricks of cybercriminals.
Mr. Vu Thanh Trung, from Military Bank (MB), stated with Thanh Nien (a Vietnamese publication) that by the end of June, the bank will implement a system to check and identify whether an account is fraudulent before the money is transferred.The transaction monitoring system using artificial intelligence (AI) will detect suspicious transactions and promptly prevent them.
According to Mr. Trung, the MB app receives 20 million visits daily, so humans cannot monitor and control cybersecurity risks and must use AI. For example, the system detects unusual transactions and proactively blocks them; or IP addresses (device addresses) involved in transactions from Cambodia are also proactively blocked by the system.
“Instead of each bank acting individually, many banks in Vietnam will implement it simultaneously; whenever there are signs of fraud, they will block it together.”By then, it will definitely be possible to detect and prevent more fraudulent accounts,” said Mr. Vu Thanh Trung.
In this wave, there are also four other major Vietnamese banks, Agribank, Vietcombank, Vietinbank, and BIDV, implementing it. That is the result of the inter-ministerial coordination between the State Bank of Vietnam, the Ministry of Public Security of Vietnam, and the Ministry of Science and Technology of Vietnam.
Vietinbank also stated that there will be official information about the implementation after July 2025.this. Some other joint-stock banks have said that after the five major banks mentioned above conduct the pilot, they will also implement it.implement.
Previously, several Vietnamese banks simultaneously implemented the function of alerting customers about blacklisted accounts while they were conducting money transfer transactions. From July 2024, MB has coordinated with the Cybersecurity and High-Tech Crime Prevention Department (A05, Ministry of Public Security, Vietnam) to share all information about accounts involved in fraudulent transactions or showing signs of suspicion.
The practice of Vietnamese banks creating a blacklist of suspicious accounts for monitoring is mentioned in Circular 17/2024 of the State Bank of Vietnam, which regulates the opening and use of payment accounts at credit institutions providing payment services.
No later than the 10th of each month, banks in Vietnam must provide, upon the request of the State Bank of Vietnam, information about accounts showing signs of fraud, deception, or legal violations.
