Increase defense for customer to block online fraud in the banking sector

	Banking sector suffers from difficulties
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	Banking sector focuses on credit institution restructuring associated with bad debt settlement

Needing applications to protect users from online fraud risks. Photo: Internet

Users are the weakest link in the chain

Lieutenant Colonel Cao Viet Hung, Deputy Head of Division 4 The Department of Cyber Security and Crime Prevention using high technology (Ministry of Public Security), said that in the coming time, criminal activities using high technology would increasingly develop and tend to take advantage of scientific and technological achievements to commit crimes. In particular, banks and users continued to be targets of criminals.

According to Mr. Hung, for banks, subjects would scan, attack the system, detect and exploit security holes, attack malicious code... For bank customers, subjects continued to use many new methods and tricks to defraud and appropriate property.

Mr. Hung also pointed out 4 common forms of fraud in recent times. First, the scammer impersonated the police, procuracy, tax agency, social insurance... to ask the victim to install fake applications (apps) on the phone. After that, criminals silently control the phone and make money transfers to appropriate it.

Second, criminals would recruit online sales collaborators, child models, to take orders, call for stock investments... After the victim transferred money, the subjects appropriated and passed the money abroad by crypto money.

Third, criminals set up websites, impersonated employees of banks and financial companies, posting advertisements for quick, easy loan procedures... but requiring payment of fees to appropriate assets.

Fourth, criminals used new tricks such as using AI technology (Deepfake) to fake their face and voice (Deep voice) and then contacted relatives and friends to transfer money. In addition, subjects would fake money-back services that have been scammed or set up "ghost" companies, opened bank accounts to receive money to invest in stocks, Forex... and then appropriated them.

Mr. Ngo Tan Vu Khanh, Country Director of Kaspersky Company in Vietnam also pointed out that users were the weakest link in the chain when they did not have any measures or equipment to prevent and combat scams.

Currently, not many users have installed phone protection applications as well as payment fraud prevention applications. This situation led to the risk of users being easily scammed.

Meanwhile, the current fraud process was very simple. Fraudsters could proceed to purchase related tools from the account used to scam and even the potential target could be "trapped".

Apply biometrics when transferring money inter-banks

Faced with the risks of fraud from high-tech criminals, Lieutenant Colonel Cao Viet Hung suggested that banks should improve and further strengthen coordination between the Ministry of Public Security, the State Bank of Vietnam, and organizations providing payment services to build a coordination process to limit the use of unauthorized bank accounts and e-wallets, early preventing cash flow and violations of the law. At the same time, it was necessary to strengthen security information system security, prevent malware, and purchasing customer data.

In addition, Mr. Hung also suggested that banks should research and implement solutions to thoroughly resolve the situation of "spam" bank accounts, using unauthorized bank accounts to serve illegal activities such as fraud, gambling, money laundering... At the same time, it was necessary to increase sanctions for buying and selling bank accounts to prevent fraud.

Mr. Ngo Vu Tan Khanh also recommended that, in addition to investing in "internal defense systems", banks should also focus on measures for customers - by software or tools on the device of the end users.

From the perspective of the State Bank, Mr. Le Anh Dung, Deputy Director of the Payment Department (State Bank) said that the State Bank had coordinated with the Ministry of Public Security to continue connecting the national database. of population to authenticate customer credit information. Along with that, work with the Ministry of Information and Communications for a plan of cleaning data, matching account holder information registered for online banking services with mobile subscriber information by mobile phone number.

Mr. Dung said that according to statistics, 90% of interbank money transfers were under VND 10 million, only 10% were transfers over VND 10 million. Therefore, there would soon be a regulation on the limit requiring biometric authentication (by fingerprint, face) when transferring money inter-banks, possibly limit of VND 10 million. Thereby, it would also neutralize the practice of buying, selling, and leasing bank accounts that had existed all along.