State Bank blocks nearly VND4 trillion in suspected fraudulent transactions
VOV.VN - The State Bank of Vietnam (SBV)’s payment risk monitoring and prevention system has supported alerts to about 3.5 million customers, with more than 1.1 million of them proactively suspending or cancelling transactions after receiving warnings, thereby blocking transactions worth nearly VND4 trillion.
The SBV has deployed the SIMO information system for managing, monitoring and preventing fraud risks. As of March 23, 2026, the system had been deployed to 149 entities, including 99 credit institutions and 50 payment intermediaries, with more than 688,000 records of payment accounts, e-wallets, bank cards and merchant units flagged as showing signs of fraud, scams or legal violations.
The system has supported alerts to 3.5 million customers, of whom more than 1.1 million suspended or cancelled transactions after receiving warnings, corresponding to a total transaction value of more than VND3.99 trillion.
SIMO allows participating institutions to report suspected accounts upon detection and share such information with other members. Based on the system’s centralised database, credit institutions can decide to block transactions immediately or require verification and identification before online transactions are processed, helping reduce fraud and scams and protect customers’ accounts.
During implementation, the central bank has also required institutions to carry out a roadmap for synchronised deployment of customer alerts across all channels, including mobile banking, internet banking, counters and ATMs, to ensure a consistent customer experience.
The SBV said that by the end of 2025, more than 11.17 million accounts had registered for and used mobile money services. Of these, around 7.64 million accounts were held by customers in rural, mountainous, remote, border and island areas, accounting for about 68% of the total. The number of transactions conducted via mobile money accounts exceeded 326.75 million, with a total value of about VND9.259 trillion.
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