Vietnamese banks implement fraud prevention transaction blocking

Vietnamese banks are implementing new measures to block or warn users about fraudulent transactions. ABBank has integrated its systems with the State Bank of Vietnam’s Fraudulent Account Monitoring and Warning System (SIMO), data from the Ministry of Public Security’s Department of Cybersecurity and High-Tech Crime Prevention (A05), and NAPAS.

Starting September 18, ABBank’s mobile and business applications will automatically cross-reference recipient information during NAPAS 247 transfers. If a recipient is identified on the A05 fraud list, the transaction will be automatically blocked. If the account appears on SIMO or NAPAS warning lists, users will receive a risk notification but can still choose to proceed with the transaction.

KienlongBank has also implemented similar risk warning and transaction blocking features, connecting to the SIMO247 system to identify accounts showing signs of fraud.