At the recent seminar titled “Updates on Emerging Fraud Schemes in Card Payment Activities and Risk Mitigation Strategies for the Final Months of 2025,” Mr. Hoàng Ngọc Bách, Head of Division 4 at the Department of Cyber Security and High-Tech Crime Prevention (A05), shared insights. A05 collaborates with banks to combat high-tech crimes. Despite past successes, current solutions lag behind the rapid advancements in technology, tactics, and sophistication of criminals.
Financial crimes today are predominantly transnational. Most cases involving accounts and card payments have a clear international element. A prime example is Skimming (stealing card data at ATMs), which was rampant from 2016 to 2019 but significantly declined during the COVID-19 pandemic due to travel restrictions. This highlights the reliance of such crimes on foreign perpetrators.
Card-related crimes haven’t disappeared; they’ve evolved into more sophisticated forms targeting the vast credit card user base. Mr. Hoàng Ngọc Bách noted that cybercriminals are meticulously studying ATM systems to launch direct attacks. A notable example is Jackpotting, a method used in the U.S. to manipulate ATMs into dispensing cash. While not yet widespread in Vietnam, financial institutions should proactively prepare for such threats, as these schemes often originate abroad.
Mr. Hoàng Ngọc Bách, Head of Division 4 at A05, emphasized that cybercriminals are intensively researching ATM systems to devise direct attack methods.
Additionally, cardholders often neglect personal data protection. Many customers hand their cards to staff for swiping without verifying if their information is compromised. Online transactions, requiring only basic details like name, card number, CVV/CVC, and expiration date, pose significant risks. Foreign criminals can even steal card chips, attach them to other devices, and drain funds rapidly.
Mr. Hoàng Ngọc Bách revealed that criminals, including foreigners, are exploiting Vietnam to steal funds from foreign cardholders. They use specialized printers to encode stolen card data onto blank cards, then use POS terminals in Vietnam to withdraw money fraudulently.
Given the increasingly complex and sophisticated nature of cybercrime, Mr. Hoàng Ngọc Bách praised the Vietnam Banks Association’s issuance of the “Handbook for Coordinating Risk Mitigation in Accounts/Cards/Payment Units Involved in Suspicious Fraudulent Transactions.” This initiative is crucial.
“I believe that with the highest level of collaboration, coordination, and consensus between the banking sector and law enforcement, we can develop effective and sustainable solutions to combat crime. Ultimately, the victims are ordinary citizens, including Vietnamese nationals and even our own families,” Mr. Hoàng Ngọc Bách stressed.
Thu Thủy
