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New Shield Against Online Transaction Fraud

As cashless payments become the norm across Vietnam, online transactions have surged sharply each year. Yet, this convenience has been matched by increasingly sophisticated scams, from impersonating police officers and bankers to creating fake accounts and enticing victims into predatory loans. Fear of fraud has made many users more cautious with digital payments.

To restore confidence, a new protection mechanism is taking shape through cooperation between the State Bank of Vietnam (SBV) and service providers. At the center is the System for Important Money Operations (SIMO), a centralized monitoring platform launched by the SBV to oversee the entire financial sector.

Previously, each bank or e-wallet could only detect risks within its own system, leaving loopholes for fraudsters to move money across multiple institutions. SIMO addresses this gap by pooling data on suspicious accounts and linking directly with the Ministry of Public Security, banks, and payment intermediaries. Every transaction is checked against the SIMO database, and suspicious activity can be blocked or subjected to additional verification. This system-wide supervision provides an extra layer of defense.

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In parallel, businesses are deploying their own anti-fraud technology. MoMo, a leading e-wallet with over 30 million users and 70,000 partners, was among the first to integrate SIMO. It also built a “second shield” powered by artificial intelligence (AI) and big data analytics, continuously learning from transaction patterns to detect anomalies.

Users receive real-time alerts on the app at three levels: Red – high risk, Yellow – caution advised, Green – safe. This empowers customers to make informed decisions on whether to proceed with or cancel a transaction.

The dual approach—SBV’s centralized oversight through SIMO combined with private sector technological safeguards—not only minimizes risks but also strengthens public trust in digital payments. This trust is vital to advancing financial inclusion and supporting the government’s digital economy strategy.

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