Increasing cashless payments and the need for better cybersecurity

Vietnam is marching towards becoming a cashless society with new methods of electronic payments being deployed widely, but security risks come hand in hand with new technologies and applications.

Increasing cashless payments and the need for better cybersecurity hinh anh 1

Illustrative image (Photo: Kaspersky)

A study by Visa found a surge in the use of mobile wallets and payment apps in the country in recent years, with over 85 percent of consumers having at least one of them and over 42 percent using mobile contactless payments.

Besides, 71 percent of consumers use e-wallets or payment apps at least once a week.

According to the Fintech and Digital Banking 2025 – Asia Pacific report by Backbase, mobile transactions are forecast to increase by 400 percent in Vietnam by 2025, thanks to the booming digital economy.

It said the above trend could be accelerated by the effects of the unexpected COVID-19 outbreak and the Government approved in March the pilot application of 'mobile money', which allows the use of mobile phone credit to pay for small-value goods and services.

According to statistics from the Department of Telecommunications, by the end of 2020 Vietnam had 132.5 million active mobile subscribers accounts [population less than 100 million]. So the mobile-money service is expected to quickly spread cashless payment across the country, even to rural, remote and isolated areas.

Together with cashless payment systems such as e-wallets, credit cards and banking services, Vietnam is able to head towards becoming a completely non-cash society in the near future.

Embracing cashless society securely

In recent times people have increasingly been receiving malicious messages from cybercriminals disguised as banks.

The message usually says suspicious transactions related to the customers’ accounts were found and tells them to login into their accounts using a link provided in the message, failing which their accounts will be locked.

 

In this manner, many customers lost money.

Yeo Siang Tiong, general manager for Southeast Asia at Kaspersky, said: “The increase in our reliance on e-wallets and mobile banking apps invite greater interest from cybercriminals who are almost always after our money and our confidential data. As a result, we see an increase in sophisticated smishing and phishing attempts targeted at mobile banking users.

“We expect more of these incidents in the future, hence it is important to secure your devices and be aware of the risks online as we embrace a digital society.”

Kaspersky blocked more than 673,000 phishing attempts aimed at small and medium sized businesses in 2020.

Phishing is a social engineering technique used by cybercriminals to steal information from user’s PC, laptop or smartphone for stealing money or data.

“The Vietnam Government, alongside its drive for cashless society, has also been actively spreading awareness and conducting campaigns against threats lurking online,” Vo Duong Tu Diem, Kaspersky’s territory manager for Vietnam, said.

“We believe that with the right cybersecurity measures and correct cyber habits, Vietnamese can securely conduct financial transactions online.”/.VNS

Cash payment habits change in Asia Pacific

Cash payment habits change in Asia Pacific

Under the impact of the Covid-19 epidemic, the interest in new payment technologies is growing in the Asia-Pacific region.

 
 

Other News

.
Support for businesses vital for economic recovery
Support for businesses vital for economic recovery
BUSINESSicon  18/07/2021 

During the current ongoing Covid-19 pandemic, it is of utmost importance that government authorities introduce policies that provide maximum support to keep businesses afloat, and sustain the economy as well.

Many hotels in HCMC increase room capacity
Many hotels in HCMC increase room capacity
BUSINESSicon  18/07/2021 

Many hotel owners in Ho Chi Minh City yesterday said that the number of booked hotel rooms has increased from 10 percent to 20 percent.

Hanoi targets GRDP growth up to 7.5% in 2021
Hanoi targets GRDP growth up to 7.5% in 2021
BUSINESSicon  18/07/2021 

Hanoi will take advantage of a shift in investment capital worldwide to attract foreign direct investment into the city.

ASEAN, Czech Republic look to standardise customs procedures
ASEAN, Czech Republic look to standardise customs procedures
BUSINESSicon  18/07/2021 

The Association of Southeast Asia Nations (ASEAN) Committee in coordination with the Customs Administration of the Czech Republic has held a webinar to introduce the electronic customs of the European country.

SBV allows banks to expand credit room
SBV allows banks to expand credit room
BUSINESSicon  18/07/2021 

The State Bank of Viet Nam (SBV) has just officially approved credit room extension for some banks.

Live streamers compelled to register with MIC if new draft decree adopted
Live streamers compelled to register with MIC if new draft decree adopted
BUSINESSicon  18/07/2021 

The Ministry of Information and Communications has proposed that only licensed social networking sites and accounts should be allowed to livestream to generate revenue.

Vietnamese top list of most online shoppers in SEA
Vietnamese top list of most online shoppers in SEA
BUSINESSicon  17/07/2021 

Vietnam has the highest number of people shopping on e-commerce platforms in the Southeast Asia region with some 49.3 million people, according to the E-commerce White Book 2021 released by the Vietnam E-Commerce and Digital Economy Agency.

Vietnam ‘promised land’ for digital banking
Vietnam ‘promised land’ for digital banking
BUSINESSicon  17/07/2021 

Vietnam is among the regional countries that are seeing new digital bank models, experts have said.

Textile and garment makers seek multitude of options
Textile and garment makers seek multitude of options
BUSINESSicon  17/07/2021 

As the current outbreak of the pandemic remains complicated, textile and garment makers fear lasting impacts on their operations, 

Bumps ahead for the giants of transport
Bumps ahead for the giants of transport
BUSINESSicon  17/07/2021 

After enduring months of losses, state-owned transport giants Vietnam Railways and Vietnam Airlines are pinning hopes on a financial lifebuoy to recover from the incurred losses – but even significant support may not be enough for them.

Tardy public spending will hinder post-pandemic economic recovery
Tardy public spending will hinder post-pandemic economic recovery
BUSINESSicon  17/07/2021 

The COVID-19 health crisis and the resulting economic downturn has thrown a spanner in the works of already tardy public spending, hindering Vietnam’s efforts to revive its post-pandemic economy and speed up slowing GDP growth.

Vietnam moving out of the epidemic more slowly than others, needs new policies
Vietnam moving out of the epidemic more slowly than others, needs new policies
FEATUREicon  18/07/2021 

Prime Minister Pham Minh Chinh affirmed that Vietnam’s development goals have not changed and agreed with the two GDP growth scenarios for 2021 developed by the Ministry of Planning and Investment.

Vietnam among top 20 FDI destinations in the world
Vietnam among top 20 FDI destinations in the world
BUSINESSicon  16/07/2021 

For the first time, Vietnam is among the top 20 countries attracting the most foreign direct investment (FDI) capital in the world, according to World Investment Report 2021 by the United Nations Conference on Trade and Development (UNCTAD).

Six cities and provinces to pioneer in use of e-invoices
Six cities and provinces to pioneer in use of e-invoices
BUSINESSicon  16/07/2021 

The General Department of Taxation plans to launch the electronic invoice system at tax departments in Ha Noi, HCM City, Quang Ninh, Hai Phong, Phu Tho and Binh Dinh by the end of this year before rolling it out nationwide in 2022.

VIETNAM BUSINESS NEWS JULY 17
VIETNAM BUSINESS NEWS JULY 17
BUSINESSicon  17/07/2021 

Businesses have expressed their hope that customs agencies and relevant ministries and sectors will further simplify administrative procedures, which, they suggested, should be completely handled online, according to a survey.

New money into stock market slows down, economy growth may miss expectations
New money into stock market slows down, economy growth may miss expectations
BUSINESSicon  16/07/2021 

In its recent report, Dragon Capital said that the market uptrend is still led by new individual investors.

Three mobile network providers seek permission to launch mobile money services
Three mobile network providers seek permission to launch mobile money services
BUSINESSicon  16/07/2021 

Three mobile network operators - Viettel, VNPT and MobiFone - have applied for the implementation of their own Mobile Money pilot projects.

Vietnam set to reach mobile wallet penetration of nearly 55 per cent by 2025
Vietnam set to reach mobile wallet penetration of nearly 55 per cent by 2025
BUSINESSicon  16/07/2021 

Vietnam is set to see rapid expansion in terms of mobile wallet usage with mobile wallet penetration to reach nearly 55 per cent by 2025.

Welcoming the new wave of FDI
Welcoming the new wave of FDI
FEATUREicon  18/07/2021 

Vietnam needs to lure foreign investment but should not forget domestic enterprises.

Foreign retailers come, Vietnamese billionaires struggle to survive
Foreign retailers come, Vietnamese billionaires struggle to survive
FEATUREicon  16/07/2021 

The increasing presence of foreign giants has put great pressure on domestic retailers.

 
 
 
Leave your comment on an article

OR QUICK LOGIN