Vietnam authorities warn of cryptocurrency and Forex investment scams

Authorities in Vietnam are warning the public about sophisticated online investment scams involving fraudulent cryptocurrency platforms and Forex trading services. Scammers utilize social media and messaging apps to lure victims with promises of high, stable, and risk-free returns, often claiming to have expert guidance or guaranteed profits.

To build credibility, criminals create fake trading websites or applications and establish private groups filled with fraudulent accounts posing as successful investors or financial experts. These groups often host “free investment courses” and display fake profit screenshots to create a sense of legitimacy. Victims are initially encouraged to invest small amounts, which they may successfully withdraw to build trust. Once larger sums are deposited, the scammers freeze accounts or report errors, demanding additional payments for “verification fees,” “taxes,” or “account unlocking fees.”

Hanoi Police have advised citizens to exercise extreme caution and thoroughly verify the legal status and licensing of any investment platform before participating. Indicators of fraud include websites with no clear legal entity, lack of operating licenses, servers located abroad, or platforms that frequently change access addresses.