Central Bank Flags 600,000 Suspicious Bank Accounts, Warns 300,000 Customers to Halt Transactions

Mr. Pham Anh Tuan, Director of the Payment Department at the State Bank of Vietnam, revealed that the bank has issued a series of circulars in recent years, with seven specifically in 2024 focusing on payment methods, accounts, cards, and e-wallets.

The State Bank is deeply concerned about fraud and scams. Consequently, it mandates that service providers implement preventive measures, warnings, and safeguards against fraudulent activities.

Over time, the State Bank has observed that most service providers have strictly adhered to these regulations. Additionally, the bank requires organizations to review and submit lists of potentially suspicious accounts or cards. This includes cases where an individual opens multiple accounts with questionable transaction patterns or accounts with an unusually high number of daily transactions inconsistent with their profile.

According to the Director of the Payment Department, there are approximately 10 criteria to identify potentially fraudulent accounts. Based on these criteria, organizations compile and submit lists to the State Bank. Mr. Tuan stated that the bank has identified around 600,000 accounts linked to such issues. As of early September 2025, pilot programs with banks have successfully warned nearly 300,000 customers, preventing transactions totaling approximately 1.5 trillion VND.

“With this new tool, we believe that when customers initiate a transfer, any warning will help them decide whether to proceed or not,” said Mr. Tuan.

The Director of the Payment Department also noted that after individual accounts involved in scams were blocked, many perpetrators shifted to using organizational accounts. The State Bank is currently revising relevant regulations to enhance security and prevent fraudulent activities.

Mr. Tuan mentioned that at least two revised circulars will be issued in October. One will amend Circular 48 on cards, granting more autonomy to card issuers while also imposing additional responsibilities on both card issuers and payment organizations.

The second circular will amend Circular 40 on e-wallets, expected to be issued in October. Currently under review, it will be signed and take effect once the review is completed in about a week.

“These new regulations will significantly enhance the security and safety of payment methods, particularly for cards and e-wallets,” Mr. Tuan emphasized.