The Vietnamese Authority of Information Security (under the Ministry of Information and Communications) has urged the public to remain vigilant against financial investment scams, using the case of TikToker Mr. Pips, who swindled over VND 5.2 trillion, as a cautionary example.

A growing threat in Vietnam’s digital landscape

Investment scams are among the six “hotspots” of online fraud in Vietnam, according to the Authority of Information Security.

The case of Pho Duc Nam (aka TikToker Mr. Pips) illustrates the dangers of online financial investment traps. Nam and his accomplices lured victims into fake investment platforms, resulting in the theft of billions of VND.

The scam involved nearly 2,000 personnel managing fake investment groups on platforms like Zalo, Telegram, and Viber. Using fake credentials and posing as financial experts, they disseminated false information to entice victims into their traps.

Their methods included: Encouraging victims to make small initial transactions, showing fake profits to build trust; Urging victims to increase their investments after gaining confidence; Manipulating the system to seize victims’ funds when they were financially stretched.

These platforms often operated without proper licenses, promised unrealistically high returns, and demanded continuous deposits.

Official recommendations to avoid scams

The Authority of Information Security reiterated past warnings about financial scams, highlighting the tactics used in Mr. Pips’ operation. These scams prey on greed, gullibility, and carelessness.

To protect against such risks, the agency advises: Be skeptical of offers promising high returns with low risk; Avoid joining private groups or online communities without verifying their credibility; Research thoroughly about the inviting organization or individual, including verifying licenses, reviews, and legal certifications.

Security measures for individuals

Download apps only from trusted sources like Google Play or the App Store. Avoid downloading from unknown links to prevent malware or unauthorized access to your devices.

Avoid hasty financial transfers to unknown individuals or organizations.

Never provide sensitive information such as personal details, banking credentials, or credit card data to unverified sources.

Steer clear of unregulated platforms, including cryptocurrency exchanges, digital currency investments, and unauthorized websites or apps.

If you suspect fraud or have fallen victim, report immediately to the police for prompt investigation and resolution.

To enhance self-awareness and reduce the risk of cyber fraud, the public is encouraged to utilize the “Online Fraud Prevention Handbook” developed by the Authority of Information Security. This guide details five key skill sets:

Recognition skills: Identifying red flags.
Detection skills: Spotting fraudulent behavior.
Response skills: Steps to take if targeted.
Prevention skills: Strategies to avoid scams.
Protection skills: Securing personal data and finances.

Each skill category is explained with practical advice, from beginner to advanced levels.

Van Anh