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Speaking at the Digital Trust in Finance 2026 forum on May 12, under the theme “Building trust in digital finance in the AI era,” Colonel Nguyen Hong Quan, Deputy Director of the Department of Cyber Security and High-Tech Crime Prevention and Vice Chairman of the National Digital Trust Alliance, said online fraud in 2025 reached 8,000 billion VND, adding that the figure may only reflect part of the overall reality.
Quan said fraud operations are increasingly sophisticated, with new scam scenarios continually emerging. He noted that prevention mechanisms remain fragmented and poorly coordinated, which can weaken the overall ability to protect users and the digital finance ecosystem.
Drawing on international experience from the United States and the United Kingdom, Quan said Vietnam needs a tightly linked, multi-party mechanism to protect users and the digital finance ecosystem.
On solutions, Quan emphasized building an early warning information-sharing mechanism across the entire financial ecosystem.
He also called for strengthening authentication and identity verification to protect legitimate financial channels.
Quan stressed that safeguarding personal data should be a cornerstone of protecting trust in digital finance. He said that as technology develops, protecting personal data rights can help limit fraud and crime in the digital financial environment.
He added that financial institutions should treat user protection as part of their development strategy rather than viewing it only as a compliance cost.
Quan said IT companies should embed security and data protection from the product design stage. He also urged digital platforms to take greater responsibility for controlling advertising, fake accounts, fraudulent content, and misinformation.
In addition, he said media outlets, journalists, and KOLs should help disseminate official information to support the establishment of ethical norms in the digital space.
Concluding his remarks, Quan said digital trust cannot be built through isolated efforts and requires close coordination among stakeholders.
“In the digital era, each organization may have its own products, customers and advantages, but when it comes to trust, we need a common ground. The core message is that we must strengthen collaboration to protect users, protect customers, and protect our own businesses,” Quan said.
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