Vietnam Warns of SIM‑Swap Fraud Draining Bank Accounts

Authorities in Vietnam have issued alerts about a sophisticated SIM‑swap fraud that can give criminals control of a victim’s phone number, intercept OTP codes and steal bank funds. The scheme often begins with a sudden loss of mobile signal, indicating the original SIM has been deactivated and a replacement SIM is being used by the fraudster.

Fraudsters also harvest biometric data and personal documents to bypass security checks, allowing them to reset passwords, open credit lines or transfer money instantly. The FBI reports that in the United States, SIM‑swap attacks caused losses exceeding $68 million in 2021, a six‑fold increase from three years earlier. Banks and telecom regulators in several countries, including Vietnam, are urging users to watch for signal loss, unexpected OTP failures, and unfamiliar login activity, and to secure their accounts accordingly.