Cybercrime on the rise: How banks are protecting us now!

Cybercrime on the rise: How banks are protecting us now!

In Vietnam, today, June 14, 2025, preparations for the highly anticipated “Ting Ting Day” festival in Ho Chi Minh City are gaining momentum. As young people work towards the event, there is also worrying news about rising cybercrime in the region. The State Bank and local banks have taken measures to protect their customers from new scams targeting bank accounts.

Recent incidents show how sophisticated the perpetrators are now. A recent example is 17-year-old CT, who was contacted by scammers posing as police officers and demanding large sums of money. His father was threatened to transfer VND200 million to “bought out” his child. Thanks to quick police intervention, CT was finally saved. In another shocking case, a woman N lost more than VND 1 billion after trusting a call from a supposed “shipper”. Such manipulations are typical of the sophisticated techniques used by fraudsters, who often use psychological tricks to convince unsuspecting victims to transfer funds.

Fighting fraud through technology

To cope with increasing risks, banks in Vietnam are relying on security measures such as biometric authentication. Over 113 million personal accounts have already been biometrically verified and proven technologies, including facial recognition and fingerprints, are increasingly being used. MoMo has met over 300 security criteria and received security certifications, while Cake by VPBank has launched its own biometric facial recognition solution.

Overall, the use of biometric procedures is showing success: the number of fraud cases is said to have been reduced by 57% since the introduction of these technologies. Additionally, banks and e-wallets have eliminated over 132.5 million unauthorized accounts. An additional benefit is that biometrics offer greater security than traditional passwords because they rely on unique physical characteristics.

Artificial intelligence and security risks

The development of artificial intelligence (AI) helps to improve the efficiency of biometric procedures. AI systems enable more precise data comparisons and continually learn from large amounts of data. However, there are also new risks: Cybercriminals also use AI to bypass digital security systems. Techniques like AI-generated deepfakes and morphing attacks show how vulnerable biometric systems can become.

To minimize these risks, some tips for using biometric authentication securely are recommended. This includes regular software updates, the use of multi-factor authentication and the protection of personal biometric data. Additionally, users should be aware of who they allow access to their biometric data.

The state bank also plans to introduce specific changes to biometric authentication for certain groups of companies to further increase security. Despite the progressive measures, it is essential that customers keep their personal information confidential and remain particularly cautious about unexpected calls.

In summary, developments in Vietnam demonstrate both the needs and challenges of combating cybercrime and protecting personal data in an increasingly digitalized world. As banks adopt innovative technologies, users must also remain vigilant.