In 2024, financial scams made headlines as victims lost millions to fraudulent schemes. Even seasoned banking professionals fell prey to sophisticated scams, highlighting the urgent need for stronger security measures.

With new regulations, biometric verification, and increased public awareness, authorities are optimistic that fraud cases will drop significantly in 2025.

Major fraud cases raise alarm

The past year saw several high-profile scams, including a banking expert losing over 400 million VND ($16,000) to fraudsters. Despite reporting the crime to the police, the perpetrators remain unidentified.

"Even a finance PhD can be scammed if they neglect basic security measures," said Dr. Le Xuan Nghia, a financial expert.

One of the most shocking cases involved businesswoman Tran Thi Chuc, who lost 40 billion VND ($1.6 million) to scammers posing as police officers. The fraudsters convinced her to transfer money into bank accounts at Vietcombank and Techcombank for verification purposes. By the time she realized the scam, her accounts had been emptied.

Chuc took the banks to court, arguing that they should be held accountable. However, both the district and provincial courts ruled against her, stating that bank staff had followed proper procedures.

A senior retail banking executive described the verdict as a landmark decision that reinforces customer responsibility in financial transactions.

New regulations to curb fraud

To combat rising fraud, Vietnam’s banking system introduced major security reforms in 2024:

Biometric authentication: As of July 1, 2024, banks must verify customers using fingerprint or facial recognition before processing high-risk transactions.

Regulatory updates: New banking laws (Decree 52/2024, Circulars 17 & 18) introduce stricter rules for digital transactions and enhanced fraud detection systems.

According to Le Van Tuyen, Deputy Director of the State Bank of Vietnam’s Payment Department, over 84.7 million banking customers (72% of all active users) had their identities verified biometrically by early 2025.

"Leading banks such as Vietcombank, VietinBank, and BIDV have achieved over 80% biometric enrollment, significantly reducing fraud risks," Tuyen added.

Since implementing biometric verification in July 2024, reported fraud cases have dropped by over 50%, indicating a positive trend for 2025.

Banks ramp up security and customer awareness

To comply with new regulations, banks are:

Extending working hours to help customers update biometric data.

Increasing public awareness through SMS alerts, social media campaigns, and mobile banking notifications.

Enhancing fraud detection using AI-driven security tools.

Some institutions, such as BaoVietBank, kept branches open through lunch breaks and weekends to assist customers before the Lunar New Year deadline.

With tighter security measures and growing awareness, 2025 is set to see fewer bank scams, marking a turning point in financial fraud prevention.

Tuan Nguyen