Four “golden” words to save your account in time. Speaking at the “Smart Connectivity – Building a Digital Ecosystem” conference held this morning, Deputy Governor of the State Bank of Vietnam, Pham Tien Dung, affirmed that protecting the legitimate rights and interests of users is a requirement that must never be neglected in digital payments. Solutions must meet safety and security standards; in the event of incidents or complaints, relevant units need to coordinate and handle them quickly. Digital transformation must go hand in hand with protecting personal data, cybersecurity, and preventing and combating illegal transactions. Deputy Governor Pham Tien Dung “In the coming period, AI, data, and new business methods will create many opportunities but also bring security challenges, especially in the face of increasingly sophisticated tactics from cybercriminals. Therefore, units must proactively research and develop new solutions to ensure services are both convenient and secure,” the Deputy Governor requested. Digital payments have boomed in our country recently. However, as the digital ecosystem expands, risks spread even faster. Therefore, the responsibility for maintaining trust needs to be shared among all participating parties. Besides technological solutions, transparency in fees and terms of use, establishing channels for receiving feedback quickly, and strengthening financial education are essential. From the perspective of a criminology expert, Lieutenant Colonel Dao Trung Hieu, a member of the National Cybersecurity Association, recommends that security should be considered an essential component of digital payments. Without ensuring security, there will be no incentive to develop digital payments. To ensure security in digital payments, four key elements must be implemented: proper education, early blocking, rapid connection, and timely rescue. Proper education means not just general warnings to be careful to avoid scams, but also specific guidance to help people identify situations that pose a risk of fraud, such as scams involving links, QR codes, recruitment of collaborators with high profits, fake investments, or impersonation of government agencies. Communication efforts need to be visual and concrete so that people know how to identify and prevent these scams. Early blocking involves banks, network providers, and technology platforms strengthening warnings about fraud risks and promptly removing fake, malicious accounts, links, and websites. Rapid Connectivity: A single entity cannot effectively handle the risks of attacks and fraud. Synchronized coordination is needed among the police, banks, telecommunications companies, technology companies, and service providers. All parties need to establish a close cooperation mechanism to detect signs of fraud, promptly freeze accounts, and limit losses. Lieutenant Colonel Dao Trung Hieu, member of the National Cybersecurity Association Finally, when suspecting fraud, people need to remember the four-word motto to “save” their account in time. Those four words are: Stop, lock, save, report. Stop suspicious connections; lock the account or transaction to limit losses; save relevant evidence and quickly report to the police and bank for assistance. Banks need to build more layers of security. According to statistics from the Ministry of Public Security , the total losses from online fraud in Vietnam in 2025 are estimated to exceed 8 trillion VND. However, according to research by Associate Professor Dr. Le Thanh Tam, Institute of Banking and Finance, National Economics University , this is only the tip of the iceberg, as only 32% of victims report to authorities, meaning the actual losses could be many times greater than the reported figures. Mr. Nguyen Xuan Viet – Chief Technology Officer and Director of the New Technology Services Divisionat FPT IS, FPT Group, warned that, in addition to the benefits it brings, artificial intelligence (AI) also creates many risks for businesses and users, especially forms of fraud using deepfake technology. These tactics can manipulate users psychologically, leading them to voluntarily transfer money to fraudsters. According to Mr. Viet, solutions are needed that are appropriate for three groups: users, businesses, and the financial and banking system. For users, it’s essential to follow the “three no’s” principle: don’t install unfamiliar apps; don’t transfer money under duress; and don’t ignore warnings when the recipient’s account shows signs of fraud. Attacks are increasingly targeting people, exploiting their psychology and lack of vigilance to steal assets. Mr. Nguyen Xuan Viet – Chief Technology Officer and Director of New Technology Services at FPT IS, FPT Group For businesses, in addition to cybersecurity and deepfake prevention measures, it is crucial to fully fulfill the responsibility of protecting personal data. Information leaks can create vulnerabilities that malicious actors can exploit for subsequent attacks. Regarding the financial and banking system, this expert believes that the role of biometric authentication and forgery detection technologies is extremely important. However, with the development of deepfake videos , authentication solutions need to be continuously upgraded to increase their ability to identify and prevent fraudulent activities. Analyzing data to detect anomalies, such as transaction orders originating from different locations, can also aid in identifying potential fraudsters. Mr. Dong Duc Giang – Director of the Card Center, Agribank : Along with technological development, banks are strengthening direct access to people, guiding transactions and warning about the risks of online fraud. As payment infrastructure expands, services become more diverse and convenient, and people are equipped with knowledge to use them safely, digital payments will gradually become a habit, thereby promoting inclusive finance and developing the digital economy in a safe and sustainable direction. “Another solution I would like to propose is to consider integrating multiple layers of protection, followed by raising user awareness, protecting corporate data, and enhancing the capacity to detect and prevent fraud, in order to ensure the safety of digital transactions,” Mr. Viet recommended. Furthermore, sharing “tips” to avoid confusion when making digital payments, Mr. Pham Anh Tuan – Director of the Payment Department, State Bank of Vietnam, advised people to use QR Payment and QR Global when making payments. For example, when paying electricity and water bills electronically, the system displays the cost and removes the pending payment portion, switching to a successful payment mode after the user successfully completes the transaction. Banks and payment service providers must ensure that people see the benefits of paying via QR Payment and QR Global. According to the Payment Department, the next stage of digital payments will be more challenging, as the requirements are not just “faster” or “more,” but “smarter, safer, and creating more value.” The combined strength of regulatory agencies and the consensus of market participants will create a safe, transparent, and powerful digital payment ecosystem, making a significant contribution to building a digital economy and society, and helping to realize the aspiration for a strong and prosperous nation.
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