Strengthening the prevention and handling of fraudulent activities in cyberspace in Vietnam

Strengthening the prevention and handling of fraudulent activities in cyberspace in Vietnam​ (Image from the Internet)

On December 23, 2024, the Prime Minister of Vietnam issued Official Telegram 139/CD-TTg regarding the enhancement of prevention and handling of fraud and appropriation of assets using high technology on cyberspace.

Strengthening the prevention and handling of fraudulent activities in cyberspace in Vietnam

To continue improving the efficiency of preventing, obstructing, and handling fraud and appropriation of assets, especially crimes involving the use of high technology on cyberspace, the Prime Minister of Vietnam requires following requests:

- Ministers of ministries, Heads of ministerial-level agencies, agencies under the Government of Vietnam, Chairpersons of the People's Committees of provinces and central-affiliated cities, and relevant agencies continue to implement decisively and effectively the documents and directives of the Communist Party, National Assembly, Government of Vietnam, and Prime Minister of Vietnam in preventing and combating crimes in general, and fraud appropriation crimes in particular, with a focus on Directive 21/CT-TTg dated May 15, 2020, of the Prime Minister of Vietnam and other relevant directives of the Prime Minister and Head of the Steering Committee 138/CP.

- Ministry of Public Security shall

+ Take lead, coordinate with the State Bank of Vietnam, the Ministry of Information and Communications, and related ministries and central authorities to research, build an inter-agency coordination model to quickly and promptly handle cases with signs of fraud and appropriation of assets using high technology on cyberspace; create a database regarding suspicious payment accounts and e-wallets related to illegal activities for timely warning, prevention, obstruction, and asset recovery (Complete in the first quarter of 2025).

+ Strengthen communication efforts, disseminate new fraud methods and tactics, guide the public on ways to recognize and skills for preventing fraud using high technology on cyberspace; suggest relevant ministries and central authorities, agencies improve and enhance state management in finance, banking, telecommunications, and e-commerce.

+ Direct police units and localities to improve the quality of crime prevention, resolution of crime reports and denunciations, propose prosecutions, investigate and uncover cases related to fraud and appropriation of assets; launch crackdowns on high-tech crimes that exploit cyberspace for criminal activities, including fraud and appropriation of assets; enhance negotiations and sign memorandums of understanding, cooperation agreements on crime prevention with countries worldwide, especially those sharing borders with Vietnam.

- State Bank of Vietnam shall

+ Research and propose a roadmap for biometric verification for payment accounts and e-wallets conducting electronic transactions; supplement regulations on biometric verification when opening new accounts, changing ID information, phone numbers receiving OTP, devices conducting Mobile banking transactions, and cash withdrawals at transaction counters; research and propose amendments to legal provisions to handle renting, borrowing, buying, selling bank accounts, e-wallets for illegal activities; develop a process for reviewing, identifying, monitoring enterprise accounts, suspicious transactions used for criminal activities (Complete in the first quarter of 2025).

+ Direct the system of commercial banks, intermediate payment service providers to complete the implementation of customer information identification and authentication, decisively eliminate non-owned accounts and accounts with incorrect information. Enhance the effectiveness of coordination with the Ministry of Public Security and relevant ministries and central authorities in verifying, blocking accounts, and suspending transactions to promptly prevent withdrawals and transfers with signs of legal violations; proactively detect, exchange, provide information to the police about payment accounts, e-wallets with suspicious transactions related to fraud and appropriation of assets as regulated by law. Apply biometric authentication checks for legal representatives' Internet Banking transactions of enterprise accounts; research technical solutions to detect, classify, warn accounts with transactions using IP addresses from abroad. Strengthen control over transactions related to "virtual" currency; improve internal management procedures to prevent bank employees from colluding with fraudsters (Complete in the first quarter of 2025).

+ Strengthen inspection, audit to promptly detect and rectify loopholes, shortcomings in lending activities, payment, withdrawal, transfer, reception processes; increase communication on fraud and appropriation of assets for customers.

More details can be found in Official Telegram 139/CD-TTg issued on December 23, 2024.

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