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[SITUATION] · [ACTIVE]

2 clusters · 2 sources · 26 days · First seen · Last updated

Categories: BUSINESS

Vietnam banking security measures

Entities: State Bank of Vietnam · Vietnamese commercial banks · foreign bank branches in Vietnam

Overview

In early July, Vietnamese banks began suspending transactions for customers whose identity cards had expired, signaling a tightening of compliance enforcement. By the end of the month, the State Bank of Vietnam escalated its focus on fraud prevention, issuing an urgent circular that required banks, foreign branches, and payment providers to strengthen card‑security protocols. The directives called for a review of services for non‑resident users, heightened customer warnings about chip‑skimming schemes, research into preventing chip removal from card blanks, stricter merchant monitoring, and verification that card data matches the cardholder during transactions. Together, the actions illustrate a broader push by Vietnamese authorities to reinforce banking safety and curb illicit activity.

Timeline

  1. about 10 hours ago

    [BUSINESS] 2 sources
    Vietnam's Central Bank Issues Urgent Alert on Bank Card Chip Skimming

    Vietnam's central bank orders banks and payment firms to tighten card security after chip‑skimming fraud, mandating reviews, customer warnings, and stricter merchant monitoring.

  2. 26 days ago

    [BUSINESS] 2 sources
    Vietnam banks suspend transactions for customers with expired ID cards

    Vietnam banks can halt payments, transfers or withdrawals for customers whose national ID cards have expired, per Central Bank circular 17/2024; citizens must renew IDs to avoid service disruption.

Sources

cafef.vn · genk.vn