Vietnam's banks block over VND5.2 trillion in fraud through digital ID initiatives

Vietnam International Bank (VIB) has deepened cooperation with the Ministry of Public Security to implement a national digital‑identity system that automates customer verification for account opening and credit‑card issuance. By linking directly to the state’s population database, VIB aims to curb identity fraud, accelerate loan approvals and extend credit to middle‑income customers lacking formal records. The bank received two commendations from the ministry for its rapid deployment of the program.

In parallel, the State Bank of Vietnam reported that its new payment‑monitoring platform, deployed across 12 credit institutions and three payment intermediaries, detected and stopped fraudulent transfers amounting to more than VND5.2 trillion. Over 1.5 million customers cancelled or paused suspicious transactions after receiving alerts. The system also integrates biometric authentication using chip‑embedded national ID cards and the VNeID mobile app, covering 100 % of digital‑channel accounts. Both initiatives are part of a broader government push to digitise services, strengthen data sharing and protect consumers from high‑tech crime.