Vietnam alerts on bank transfer fraud and zero-interest rates for large account balances

Vietnamese authorities warned that criminals are increasingly using sophisticated bank‑transfer scams. Fraudsters forge screenshots of successful transfers or send falsified messages claiming payment has been received, prompting sellers to ship goods before the money actually reaches their accounts. Victims have lost phones, motorbikes and other valuable assets after trusting these fake confirmations. The police also cautioned against impersonation of law‑enforcement, courts or banks, stressing that officials never request OTPs, passwords or extra transfers over the phone. Consumers are advised to verify that funds are credited in their bank statements before releasing goods and to avoid sharing personal banking details.

Separately, Vietnam Joint Stock Commercial Bank for Industry and Trade (VIB) announced that its non‑term deposit interest rate will be set to 0 % per year for balances of 1 billion Vietnamese dong (VND) or more, and remains 0 % for lower balances. The change replaces a previous rate of 0.10 % per year. Compared with term‑deposit products that still offer rates above 2 % annually, the zero‑interest policy means large cash holdings in a transaction account generate virtually no earnings, prompting customers to consider term deposits or other investment options.