Recognizing the methods and tricks to lure students to open checking accounts for fraud in Vietnam

Recognizing the methods and tricks to lure students to open checking accounts for fraud in Vietnam

Criminals lure students who have been issued Citizen Identification Cards to open checking accounts and pay the account opener.

The criminals provide students with a phone with a pre-installed SIM card to register for opening checking accounts and Internet Banking, SMS Banking services.

Afterward, the criminals ask the students to return the phone, provide information such as name, login password, authentication password (OTP)... These criminals also collect biometric data (face) of the students (Face ID) to facilitate customer identity verification when required.

These accounts are then often exploited for illegal purposes such as money laundering, tax evasion, fraud, asset appropriation, terrorist financing...

To contribute to addressing the mentioned issue and ensure the opening and use of checking accounts in conformity with the law in Vietnam, the SBV recommends that the People's Committees of provinces and cities in Vietnam coordinate as follows:

- Direct the Department of Information and Communications, media agencies, and press organizations in the area to enhance the dissemination and warning efforts to the public and organizations, individuals in the area, especially students and minors, about the methods and tricks of criminal elements, related legal regulations, raise awareness about compliance with the law, and take effective measures to prevent and combat these activities, preventing misuse for illegal purposes.

- Direct schools and educational institutions in the area to promptly inform, disseminate to all students and parents about the methods and tricks of criminal elements, prohibited acts in the activity of opening and using checking accounts, and administrative violation penalties to raise awareness about legal compliance and prevent misuse for illegal purposes.

More details can be found in Official Dispatch 4932/NHNN-TT dated June 13, 2024.

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