“**The Dangers of e-Wallets: Protecting Yourself from the Hidden Risks**”
Vietnam’s e-wallet market is thriving, with a diverse range of options available to consumers, including international players like Google Pay, Apple Pay, and Samsung Pay, as well as popular domestic wallets such as Momo, ZaloPay, and ViettelPay.
These applications offer users a convenient way to pay for a wide range of online services and bills, transfer money, and access other financial services.
To attract users, e-wallet providers often partner with banks and e-commerce platforms to offer vouchers and generous discounts.
While the convenience of e-wallets is undeniable, the National Competition Committee (under the Ministry of Industry and Trade) warns that they also come with significant risks.
One of the primary concerns is the potential for personal data breaches. Signing up for an e-wallet requires users to provide sensitive information such as their ID card images, phone numbers, and addresses.
This raises concerns about the possibility of information leaks, which could result in identity theft, spam messages, or falling victim to scams.
Moreover, fraudulent transactions and scams aimed at stealing users’ assets are also prevalent. Scammers often impersonate e-wallet or bank employees to trick users into divulging their passwords and one-time passwords (OTPs).
For instance, there have been cases where MoMo users lost money after scammers requested their OTPs under the pretext of “verifying a transaction.”
As a result, users may lose all their money in their e-wallets and linked bank accounts.
In addition, technical loopholes within the applications themselves pose a potential threat. If e-wallet apps are not regularly updated with security patches or are poorly programmed, they can be exploited by hackers.
According to statistics, several banking and e-wallet applications in Vietnam have not implemented strong security measures due to a lack of encryption standards or weak security protocols.
Avoid using free Wi-Fi networks for financial transactions. |
The National Competition Committee advises users to refrain from using public Wi-Fi networks for financial transactions.
To protect themselves, consumers should be vigilant when using e-wallets. Before initiating any transactions, it is crucial to research the safety and reputation of the e-wallet provider and thoroughly understand their usage policies.
Instead of using insecure public Wi-Fi, it is recommended to utilize 3G/4G/5G mobile data connections for added security when conducting transactions.
Additionally, regularly changing your e-wallet password is essential, ideally every two months. A strong password typically includes a combination of letters, numbers, and special characters, and it should not be easily guessable, such as birth dates or phone numbers.
Sharing the same password across multiple accounts is also discouraged.
With over 20 e-wallet applications available, users should only download apps from trusted sources like App Store or Google Play, verify the developer, and read user reviews before installing.
Some e-wallets require both a password and an OTP for login or transaction authorization. It is important to understand that the OTP serves as a second layer of security after the password, so it should never be shared with anyone to prevent unauthorized access or fraudulent activities.
Users are also advised to regularly monitor their financial transactions and e-wallet accounts for any suspicious activity. In case of any concerns about information leaks or financial fraud, immediate contact with the e-wallet service provider or relevant authorities is crucial to mitigate potential losses.
TÚ UYÊN
– 18:39 25/08/2025
The Ultimate ‘Shield’ Against Online Transaction Fraud
“As online scams become increasingly sophisticated, the combination of the State Bank’s focused surveillance and enterprises’ anti-fraud technology is providing an additional layer of protection, mitigating risks for individuals transacting online.”
The Ultimate Guide to Online Security: Protect Yourself from the Latest Scams
“Vietnam’s Foreign Trade Joint Stock Bank, better known as Vietcombank, has issued a warning about a scam involving fraudulent recruitment for a social welfare project under the guise of the reputable bank’s name. This cunning scheme has prompted Vietcombank to alert the public about this deceptive employment con.”
“Life Imprisonment Sought for Former Chairman of Company Linked to the Hiệp Bình Chánh Residential Area”
Over 200 billion VND was embezzled through mortgage and transfer contracts of overlapping land plots in the Hiep Binh Chanh Residential Area. This sophisticated scam has left a trail of destruction, with victims suffering financial loss and a sense of betrayal. The intricate web of fraudulent activity has shaken the very foundation of trust in the real estate industry, demanding immediate attention and justice.
Detained: Woman Impersonating a Bank Employee to Commit Fraud
“A cunning con artist, Lăng Ngọc Diễm, weaved a web of deceit, posing as a bank employee in An Giang. With calculated charm, she ensnared four unsuspecting victims, only to vanish into thin air, leaving a trail of broken dreams and financial ruin in her wake.”
Indictment Sought for Two Former Chairmen of a Listed Company for Alleged Capital Inflation
The company listed and offered for sale 25,350,000 shares with the ticker symbol TOP on the stock exchange. These shares were devoid of intrinsic value and were issued with the sole intent of defrauding investors. The total amount swindled from unsuspecting investors amounted to a staggering sum of over 64 billion VND.
