In the first 10 months of this year, Vietnam’s Information Security Authority (ISA) received over 220,000 reports of online fraud from users, most related to financial and banking scams.

This concerning statistic was shared by Le Van Tuan, Director of the ISA under the Ministry of Information and Communications, at the Smart Banking 2024 event held on October 29 in Hanoi.

Under the theme "Shaping the Digital Future of Banking: Safe and Sustainable Operations," this year's event emphasized the importance of robust security measures for the banking sector's sustainable growth in a digital era.

Pham Tien Dung, Deputy Governor of the State Bank of Vietnam, recognized that while digital transformation presents major opportunities, it also brings substantial security challenges. With increased connectivity across various sectors, banks face risks that could halt services if one component within their operational ecosystem fails.

According to Nguyen Quoc Hung, Vice President and Secretary General of the Vietnam Banking Association, the banking sector has embraced new technologies like AI and blockchain. Over 87% of Vietnamese adults now have bank accounts, with digital channels handling more than 95% of transactions at some banks. However, as digital transformation accelerates, so do the risks of fraud and the need for stringent regulatory compliance.

Le Van Tuan further stressed the critical nature of cybersecurity for banking operations, noting that online transaction systems are the backbone of Vietnam’s digital economy. “Without secure systems, national digital transformation efforts and the success of digital banking will be undermined if users do not feel safe conducting online transactions,” he said.

Colonel Trieu Manh Tung, Deputy Director of the Ministry of Public Security’s Department of Cybersecurity and High-Tech Crime Prevention (A05), shared insights into efforts to safeguard banking customers. While many banks have taken steps to screen their customer databases for high-risk accounts, some institutions still lag in proactively assessing potential risks.

Experts at Smart Banking 2024 agree that strengthening cyber resilience is crucial. Banks are advised to enhance cybersecurity protocols and protect users from online fraud, improving trust in digital banking across Vietnam.

Van Anh