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Vietnamese banks sound alarm over cybercrime

Vietnam has become a hotbed of cybercrime, with criminals becoming increasingly sophisticated while banks still using old, insecure technologies.
Vietnam has become a hotbed of cybercrime, with criminals becoming increasingly sophisticated while banks still using old, insecure technologies.

Many banks in Vietnam have reported about customers losing information about their accounts to criminals through phishing attacks and other methods.
In a recent statement Techcombank said it had detected many cases of fraud and misappropriation of money by faking Western Union transactions.

The criminals would send victims fake Techcombank messages claiming they had received money through Western Union, and tell them to go to a fake Techcombank website and log in to confirm the transaction, resulting in their account information being stolen.

Maritime Bank has issued a statement cautioning customers about frauds in which criminals contact them through phone calls, text messages, social networks, and emails pretending to be the bank’s employees. They then ask the victims to provide their account information in return for money, promotions or prizes.

Other major banks such as VPBank and Vietcombank have also issued similar statements cautioning customers against revealing their OTP codes to anyone, including the banks themselves, under any circumstances.

They are also told to closely monitor their accounts to detect any abnormal activity, and report immediately to the bank if they receive suspicious calls or text messages.

According to global statistics recently released by cybersecurity firm Kaspersky Lab, nearly 36 percent of cyberattacks in the second quarter of 2018 were targeted at financial services, including over 21 percent targeting banks and 8.17 percent targeting online shops.

Financial experts have warned that Vietnam has become a hotbed of cybercrime, with criminals becoming increasingly sophisticated while banks still using old, insecure technologies and their customers lacking awareness of how or why to protect account information.

To counter the increase in cybercrime, the government has issued a decree requiring banks to secure their customers’ information and not to provide such information to any third party without written consent from customers.