On October 21, the Vietnam Banks Association (VNBA) convened a meeting to launch the “Handbook for Coordinated Risk Management of Accounts/Cards/Payment Acceptance Units Involved in Suspicious Fraudulent Money Transfer/Payment Transactions.”
Speaking at the event, Dr. Nguyen Quoc Hung, Vice Chairman and Secretary-General of the VNBA, stated that the State Bank of Vietnam has issued numerous regulations to ensure commercial banks adhere to proper procedures when providing services such as money transfers, payments, and card issuance and usage.
 Dr. Nguyen Quoc Hung, Secretary-General of the Vietnam Banks Association, addressing the meeting. Photo: H.H |
Individual banks have also established internal regulations to minimize risks for both customers and themselves. However, recent times have seen a surge in fraudulent activities, including card and account scams, with increasing frequency and sophistication.
In response, the VNBA has carefully reviewed existing legal frameworks, bank practices, and customer feedback to address these challenges.
“Effectively managing fraud cases requires close collaboration among banks. Relying solely on individual bank procedures is insufficient. Given the extensive branch network of banks nationwide, handling these issues at individual branches is extremely difficult,” said Dr. Nguyen Quoc Hung.
The handbook, developed since late 2023 under the guidance of the State Bank of Vietnam, took nearly a year to complete. It involved contributions from leading experts, major commercial banks, and feedback from the Ministry of Public Security, the Supreme People’s Procuracy, and relevant departments.
Its primary goal is to establish a unified framework for swiftly addressing suspected fraudulent transactions, safeguarding customer rights, and upholding the banking system’s reputation.
The handbook outlines clear steps for handling suspicious transactions, including information verification, transaction suspension, interbank communication, and coordination with investigative authorities.
These procedures are designed for speed and efficiency in the digital payment environment.
Dr. Nguyen Quoc Hung, Secretary-General of the Vietnam Banks Association, speaking at the meeting. Photo: H.H |
Dr. Nguyen Quoc Hung emphasized that while the handbook is not legally binding, establishing a common set of guidelines based on existing laws and State Bank regulations is essential.
The VNBA will oversee implementation, compile feedback, and report non-compliant credit institutions to the State Bank.
“Without swift and coordinated action, tracing and freezing funds is nearly impossible. This not only harms customers but also damages the bank’s reputation,” Dr. Hung stressed.
He further noted that preventing fraud involves not only halting transactions but also verifying their legality. Banks with recurring unresolved cases will be reported to the State Bank by the VNBA.
“We hope this handbook will foster unity within the banking system, combat high-tech crime, and protect customer rights,” Dr. Nguyen Quoc Hung concluded.
BUI TRANG
– 3:35 PM, October 21, 2025
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