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High-tech crime is becoming more sophisticated by exploiting information gaps to move faster than financial systems. When users inadvertently disclose biometric data, it can lead to asset loss, enable criminal activity, and expose victims to penalties that can reach hundreds of millions of dong.
In a recent directive to credit institutions, the State Bank of Vietnam issued an urgent message urging banks to tighten cybersecurity. The warning highlights that criminals are collecting and misusing customers’ biometric data to open “phantom” bank accounts used for fraud and money laundering.
The directive notes that criminals can use biometric information to impersonate customers and create bank accounts that are not genuinely tied to the account holder. These accounts are then used to carry out fraudulent transactions and facilitate money laundering.
To better protect customers, the State Bank requires credit institutions to routinely review and upgrade their technology. The focus includes integrating recognition capabilities and anti-deepfake measures into authentication processes used on Mobile Banking and Online Banking applications.
Banks are also required to:
Beyond technical measures, citizens are advised to protect their assets by not sharing biometric data—such as facial scans, fingerprints, or voice data—with unknown individuals or platforms. Careless sharing of personal information can make it easier for criminals to impersonate victims, open payment accounts, and commit illegal acts under the victim’s name.
Customers are also reminded to prohibit buying, leasing, or lending bank cards or accounts.
To deter these crimes, Vietnamese regulations impose severe penalties. Decree No. 340/2025/ND-CP, effective February 2026, penalizes the buying, leasing, or lending of account information.
According to the decree:
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