Protecting consumers in the digital environment, preventing cybercrime

According to Mr. Nguyen Van Dung - Vice Chairman of Ho Chi Minh City People's Committee, cashless payment has become a popular trend, easily seen in daily life from restaurants, coffee shops to public services.

Customers experience virtual reality Pickleball at VPBank 's exhibition booth - Photo: DUYEN PHAN

To promote this trend, Ho Chi Minh City has issued a plan to develop cashless payments throughout the area, promoting implementation ineducation , health care, transportation and trade promotion.

The city also focuses on communication, improving digital financial skills for people, creating a foundation for a cashless society. However, Mr. Dung frankly acknowledged that the biggest barrier today is concerns about transaction security. Many people are still afraid because of the increase in online fraud, personal data theft, and bank account forgery - behaviors that are increasingly sophisticated and complex.

Sharing the same view, Mr. Le Anh Dung - Deputy Director of the Payment Department, State Bank - said that it is necessary to increase communication so that people can identify criminal tricks and equip themselves with self-protection skills when making digital transactions.

To respond to risks, the State Bank has coordinated with the commercial banking system and payment intermediaries to deploy many technological solutions. Among them is a project to collect a database of fake accounts to warn customers when transferring money to suspicious accounts.

Commercial banks and payment intermediaries will warn customers if they transfer money to a recipient account that is in a fake account database. When warned, the sender will consider whether to transfer or not.

In addition, from July 1, 2024, individual customers are required to authenticate their chip-embedded citizen identification cards and biometrics when making financial transactions. This regulation will be extended to legal representatives of enterprises from July 1, 2025. Thanks to effective communication, to date, more than 110.8 million personal records and more than 711,000 business records have been compared with biometric information.

"Biometric authentication not only protects accounts but is also an important technological barrier to prevent high-tech crimes," Mr. Le Anh Dung emphasized.

Deputy Prime Minister Ho Duc Phoc:

Perfecting the law to protect people

Deputy Prime Minister Ho Duc Phoc (third from right) and delegates visit Sacombank's exhibition booth - Photo: Q. DINH

Speaking at the workshop, Deputy Prime Minister Ho Duc Phoc emphasized that cashless payment is an inevitable trend of the digital economy, helping transactions to be quick, low-cost, and convenient for people and businesses. However, to develop sustainably, it is necessary to synchronize infrastructure, improve legality, and especially strengthen security.

He said that by the end of 2024, the country will have more than 204.5 million personal payment accounts and nearly 87% of adults will have a bank account. Non-cash payment methods have expanded in many areas such as tuition, hospital fees, transportation, and shopping, contributing to cost savings, improving production and business efficiency, and controlling cash flow.

However, the implementation process still faces many barriers: the habit of using cash, the fear of "leaving traces", unsynchronized infrastructure, especially risks related to security and network safety. "We must protect consumers, especially the people, from being scammed during the process of cashless payments," he emphasized.

The Deputy Prime Minister suggested that the banking sector and businesses continue to innovate payment products that are convenient and consumer-friendly. At the same time, it is necessary to soon complete regulations related to cross-border payments, cryptocurrencies and promote the construction of shared infrastructure, including 5G, 6G networks, fiber optic cables, etc.

In particular, he directed to further strengthen security and prevent cybercrime. "We must protect consumers, especially people in the process of cashless payments, to avoid being scammed," the Deputy Prime Minister requested.

In the long term, raising awareness among people and businesses also needs to be focused on. He especially praised Tuoi Tre newspaper for continuously organizing a series of activities on "Cashless Day" over the past six years, contributing to spreading the trend of civilized and modern payment in society.

Mr. PHUNG DUY KHUONG (VPBank's permanent deputy general director):

Contactless card payments are becoming the top choice. Digital consumers demand more: simplicity, the highest level of security, and the ability to make transactions anytime, anywhere - using only a personal device such as a phone or smartwatch. That is why contactless card payments are becoming the top choice.

From Q4-2024, more than 60% of transactions in the market will take place in contactless form. This is a big leap not only in technology but also in the habits of Vietnamese users - a market that is still quite heavy on cash.

Mr. NGUYEN BA DIEP (co-founder of MoMo Financial Technology Group):

MoMo is currently open for unlimited payment for customers. Customers can pay by scanning QR codes for all types of different accounts. Secondly, if customers need to borrow a small amount from the bank, the wallet is connected to the bank to provide loans up to 20 million VND very quickly.

We hope that in the coming time, the Government and State leaders will continue to expand the field for payment intermediaries so that we can contribute more to the development of Vietnam.

Mr. KIM DAE HONG (Deputy General Director of Shinhan Bank Vietnam):

Building a cashless payment culture cannot be done in a short time. It requires a clear roadmap in the medium and long term along with a step-by-step, consistent and synchronous implementation between policies, technology and social awareness.

Shinhan Bank Vietnam is committed to accompanying and contributing to promoting cashless payments in Vietnam through: developing credit card services, expanding POS systems and implementing QR code payment solutions.

Mr. SAPAN SHAH (senior vice president, in charge of payment acceptance network in Asia - Pacific region - Mastercard):

Vietnam has made a breakthrough in the field of cashless payments thanks to the convenience, diversity in payment methods and modern technology. At the same time, the Government plays a leading role in promoting cashless payments throughout the national financial ecosystem.

Mastercard has partnered with many banks, financial institutions, government agencies... to implement initiatives suitable for Vietnamese people, promoting new payment behaviors.

Ms. DANG TUYET DUNG (VISA country director in Vietnam and Laos):

VISA's strategic goal is to become a safe and trusted method for the pillars: people - businesses - Government.

VISA also focuses on promoting comprehensive digital finance, creating conditions for all people to have the fastest and most convenient payment tools. Many Vietnamese people can pay domestically and globally, connecting domestic e-wallets with the world... Small businesses can access and accept online and offline card payments in a simple way, stimulating consumption.

Mr. DAM THE THAI (Deputy General Director of HDBank):

Today's consumers, especially generations from Gen X to Gen Alpha, are facing many challenges in managing their personal finances.

While Gen X and Gen Y are under family financial pressure, have technological barriers and have difficulty keeping up with new investment channels, Gen Z and Gen Alpha prefer risky investments but lack experience, prefer a high-spending lifestyle while their income is not stable.

It is clear that many people need not only payment tools but also the ability to make better financial decisions. Banks need to act as trusted "financial companions", handling all problems of all subjects.

Mr. TRAN XUAN HUY (General Director of Vikki Digital Bank):

The bank is implementing many digital financial solutions that bring great benefits to individual customers, small traders and family businesses.

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Source: https://tuoitre.vn/bao-ve-nguoi-tieu-dung-tren-moi-truong-so-ngan-chan-toi-pham-cong-nghe-20250615083714403.htm