Vu Minh Tuan from FPT IS cited reports of international institutions as saying that the losses caused by financial criminals worldwide has reached $3.6 billion, and commercial banks have paid $2.7 billion in fines for activities related to money laundering.

According to a report on endpoint security risks, in 2021, Vietnam ranked second in Asia in terms of amount of ransomware, an increase of 200 percent over 2020. 

Meanwhile, research by Viettel Cyber Security found that 90 percent of cyberattacks in 2021 had relations with the finance and banking system, up 42 percent compared with 2020.

Fraud Report 2020 of Veriff said that Vietnam is No1 in forged identity cards for authentication, or 12.9 percent of total cases in the world.

In early 2022, Group-IP discovered 240 fake associated domain names impersonating 27 well-known financial institutions and commercial banks. 

These are used to get clients’ personal information, steal bank accounts and bypass OTP verification requirements.

Tuan said Vietnam’s banks and financial institutions are in a digital transformation period with a rapid increase in the number of online transactions. 

Along with that, the acts of forging, committing fraud, swindling, and laundering money are on the rise, causing losses to users and affecting the prestige of institutions.

The updating of information about new threats is a necessary strategy for institutions and businesses to prevent attacks and ensure cybersecurity.

Tran Dang Khoa, head of the Authority of Information Security (AIS), said in the digital era, most human activities are carried out in the internet environment, thus posing challenges to those in charge of cybersecurity.

A representative of AIS cited a recent report as saying that in August 2022 alone, 112 new cases of information disclosure were made public with 97.4 million records breached, including a high number of cases in the finance and banking sector. 

Crypto Nomad said it lost $190 million after a devastating security exploit.

In Vietnam, AIS recognized and handled 9,519 cyberattacks and blocked 926 fraudulent websites, including many websites forging commercial banks and financial institutions in January-September 2022.

The technical systems of the agency recorded nearly 4,000 reports on swindling from Vietnam internet users. As attackers become more sophisticated, Vietnam’s institutions and businesses still are not paying attention to solutions to minimize risks.

Trong Dat