ABBank to block or warn users of fraudulent transfer accounts

ABBank has announced new security measures for NAPAS 247 fast money transfers, effective September 18. The bank has integrated its systems with the Fraudulent Account Monitoring and Warning system (SIMO) of the State Bank of Vietnam, the Department of Cybersecurity and High-Tech Crime Prevention (A05) under the Ministry of Public Security, and the National Payment Corporation of Vietnam (NAPAS).

Under this new feature, the ABBank and ABBank Business applications will automatically cross-reference recipient account, card, or e-wallet information against fraud databases. If a recipient account is flagged by A05 as suspicious, the transaction may be rejected or blocked. If the account appears on warning lists from SIMO or NAPAS, the system will display a risk warning, allowing customers to verify information before proceeding.

ABBank noted that these warnings are based on data-driven risk assessments and do not definitively prove a recipient is a fraudster. Customers are advised to verify identities and transaction purposes through direct communication channels and to update their banking applications to the latest versions to ensure security.