The State Securities Commission has issued a warning to the public to be vigilant when receiving phone calls from strangers, and to be cautious and wary of being lured into joining applications, forums, or groups online with the purpose of investing in stocks.
The notice clearly states that investors participating in the stock market need to equip themselves with knowledge about stocks, the stock market, and seek information from official channels of regulatory authorities, market operators, and securities companies with consulting and brokerage functions licensed by the State Securities Commission to avoid being scammed and having their assets stolen.
Widespread Impersonation of Businesses and High-Ranking Leaders
It has been observed that many well-known corporations and businesses in the market have been impersonated for fraudulent purposes. Last year, Vingroup had to issue a statement regarding the impersonation of their website and those of its member companies, including Vincom, Vinhomes, VinFast, and Vinpearl, among others. The scammers used sophisticated tactics such as calling for investment, electronic money transfer, online buying and selling, and hiring online collaborators to deceive customers. According to Vingroup’s statistics, there were more than 17 fake websites impersonating the group.
Image of a fake website impersonating Vingroup
In August 2024, the Cyber Security and High-Tech Crime Prevention Division received a report from Ms. T (residing in Long Bien) about being scammed and having her assets stolen. Ms. T shared that she was introduced by an “online acquaintance” to invest in Vingroup’s Welfare Fund. The scammer provided her with a website link that featured Vingroup’s logo, information, and brand image, leading her to believe in its authenticity and ultimately losing over VND 17 billion.
Hoa Phat Group (HPG) has also spoken out against individuals and organizations impersonating the company to defraud and gain illegal profits through tactics such as inviting people to apply for jobs and calling for investments in projects.
Specifically, Hoa Phat’s documents, signatures, seals, and brand images have been forged to create fake websites that entice investors with attractive investment proposals. These fake websites even feature documents bearing the red seal and signature of Mr. Tran Dinh Long, Chairman of the Board of Directors of Hoa Phat. Not only do they impersonate the company to solicit investments, but there are also numerous fan pages on social media that post fake job advertisements, luring victims into joining groups for gaming purposes or depositing money to earn commissions.
Other large corporations that have been impersonated by malicious entities include Hoa Sen Group, Navigos Group Vietnam, Petrovietnam (the Vietnam National Oil and Gas Group), Vinaconex, Becamex IDC, and securities companies like VNDirect and MBS, all of which have issued warnings to investors. This situation of abusing brand names and illegally using company information and images to defraud customers and profit through fake job postings has significantly impacted the image and reputation of these legitimate businesses.
Even individuals holding high positions in companies have been impersonated. SSI Securities Corporation has warned about several Zalo accounts impersonating their Chairman, Mr. Nguyen Duy Hung, using Deepfake AI technology to livestream and deceive investors.
SSI Securities Corporation affirmed that Mr. Nguyen Duy Hung only owns a verified Facebook account and does not have any accounts on Zalo, Telegram, Tiktok, or YouTube. The company advised investors to be cautious and vigilant when performing digital transactions to avoid being scammed.
Image of SSI Securities’ Chairman, Nguyen Duy Hung, being impersonated
Similarly, scammers have manipulated images of Vingroup’s Chairman, Pham Nhat Vuong, and the People’s Artist Xuan Bac to trap consumers. Previously, the chairman of a large transportation group also filed a complaint with the authorities, requesting intervention after being blackmailed by someone who used DeepFake technology to manipulate his image.
Beware of Scam Tactics
Typically, scammers create numerous fake Fanpages and websites that resemble the official sites of well-known brands. They may also use similar domain names or modify a few characters to make the website seem legitimate.
Additionally, they may invite people to join online groups or forums to receive investment advice or perform transactions, or they may ask them to download, install, and use specific trading applications. The use of AI technology to impersonate company leaders is also becoming increasingly sophisticated.
Authorities such as the Cyber Security Bureau and the State Securities Commission have continuously issued warnings to investors about fraudulent activities. If individuals have any suspicions or encounter cases of impersonation, false information, or other scam attempts, they should immediately report them to the relevant authorities for handling in accordance with the law.
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