The State Bank of Vietnam (SBV) announced that it has cleaned up 154 million bank accounts and flagged nearly 300,000 customers for suspected fraud, blocking transactions worth a combined VND1.5 trillion (US$56.9 million).

VOV.VN - The police in northern Hung Yen province have dismantled a large-scale cryptocurrency fraud ring operating via a fake trading platform called “Toptrade1,” arresting nine suspects and freezing 22 related bank accounts.

More than 86 million bank accounts that have not been biometrically authenticated or have been 'frozen' for a long time will be deleted starting September 1 to prevent fraud and cybercrime.

VOV.VN - Five Vietnamese people have been arrested for getting involved in a transnational criminal gang with the virtually transacted amount of approximately USDT1.1 billion, said the police of Tay Ninh province in southern Vietnam, on August 2.

VOV.VN - The HCM City Police Investigation Agency (PC01) said on April 27 that they have busted a major transnational money laundering ring, arresting 13 local people and foreign nationals.

Many people are still trapped by online scams despite warnings from authorised agencies.

As many as 1.1 million people have so far used Mobile Money service, including nearly 660,000 in rural, mountainous, remote, border and island areas.

Vietnamese consumers expect a seamless banking experience when it comes to opening an account via a mobile app or website, with two in five expecting to answer 10 questions or less or they will abandon the process. One out of six Vietnamese will drop out if asked more than five questions.

Minister of Industry and Trade Nguyen Hong Dien has signed a decision on the establishment of a Domestic Advisory Group (DAG) under Article 13.15 of Chapter 13 on Trade and Sustainable Development, the EU-Vietnam Free Trade Agreement.