In a discussion with a security expert from VPBank, the specialist revealed that in their efforts to help customers minimize the risk of financial loss due to fraudulent transactions, the bank has initiated the creation of a “blacklist” of suspected scam accounts within their system.
“We are collaborating with A05 (the High-Tech Crime Prevention and Control Department under the Ministry of Public Security), along with NAPAS, to develop a comprehensive database of fraudulent and scam accounts. Whenever a customer attempts to transfer money to one of these accounts, we will issue a warning, and for accounts we are certain are used for scams, we will block the transaction,” the expert shared.
In the near future, this database of flagged scam accounts is expected to be expanded on an inter-bank level, providing enhanced protection for customers across the banking system and reducing the risk of falling prey to scam or erroneous transactions.
VPBank NEO offers automatic alerts and blocks transactions to suspected scam accounts
Currently, the ideal timeframe for a bank to freeze funds that have been mistakenly or fraudulently transferred to a scam account is one day. This emphasizes the importance of customers promptly reporting such incidents to their bank and authorities as soon as they are discovered.
VPBank is among the proactive banks in the system that has taken the initiative to compile a blacklist of scam accounts, send alerts, and automatically block transactions to these accounts. This solution is considered a significant step forward in safeguarding users of banking apps against sophisticated scams perpetrated by cybercriminals, especially given that individuals often lack vigilance regarding well-known scam techniques.
For instance, a resident of Dan Phuong district in Hanoi was recently tricked into installing a fake VNeID software and transferring money to a fake police officer’s account. After scanning the QR code for face verification and providing the OTP, the victim discovered a loss of one billion VND from their bank account.
The installation of fake software, as in the case mentioned above, poses a severe risk of personal phone hijacking, personal information leakage, and financial loss from associated bank accounts.
Alongside the continuous security solutions offered by banks, many banking and security experts advise customers to proactively acquire knowledge to use banking apps responsibly and effectively. This includes being vigilant against the risk of personal information leakage, fraudulent transactions, and mobile device control by unauthorized individuals.
Firstly, the VPBank expert emphasized the importance of setting strong passwords to prevent password guessing through information gathered from various sources. Additionally, the implementation of biometric authentication for login and transaction verification adds an extra layer of security, as registered biometric data is challenging to replicate. To further enhance security, users should also regularly update their software and banking app versions.
Users are also advised against accessing unfamiliar links, scanning unknown QR codes, sharing OTP codes, and storing passwords on mobile applications. Should users encounter any fraudulent activities, personal information leaks, or unauthorized access to their mobile devices, they are urged to immediately lock their bank accounts, change their banking app passwords, and contact the bank’s customer support to report the incident. These steps are crucial to safeguarding customer accounts and mitigating potential losses while coordinating with investigative authorities and the bank to resolve the issue.
In addition to blocking transactions to suspected scam accounts, banking applications like VPBank NEO have introduced advanced security features such as vulnerability alerts, biometric authentication for new or unfamiliar device logins, and protection against potential malware infections or unauthorized access attempts on users’ mobile devices.
