Vietnam’s finance sector at risk

03 Jun 2019 2127 | Business & Trade Fairs

Vietnam's cybersecurity was compromised, posing new challenges in ensuring information safety, especially in the finance-banking sector, state agencies and organisations.

The information was released by Government Information Security Commission deputy head Nguyen Dang Dao at an international conference themed Security World 2019 held in Hanoi last week.

At the conference, participants focused on Vietnam’s cybersecurity and solutions to strengthen data protection in the public and finance-banking sectors.

Major General Dao said cyberattacks, espionage and cybercrime had been on the increase resulting in the theft of state secrets and the destruction of information systems.

“There is an increasing number of cybercrime and reactionary organisations operating in a sophisticated manner, causing serious consequences and threatening social order, safety, political stability and national security,” said Dao.

This situation was set to become even more complicated and the finance-banking sector would continue to be a target for hackers, he added.

Dao also pointed out five risks the country was facing – malware; attacks on e-commerce and finance-banking systems with the aim of extorting, stealing information of organisations and individuals; attacks on infrastructure and IoT equipment; attacks on state agencies and organisations in order to steal state secrets; and distributing harmful and false information online.

Do Anh Tuan, deputy director of the Ministry of Public Security’s Department of Cyber Security and High-tech Crime Prevention, said in recent years cybercriminals had attacked banks around the world, including ATMs, causing serious consequences.

In Vietnam, he said stealing card information and counterfeiting cards (Skimming) was becoming complicated.

“Vietnam has about 70 million domestic cards. If it is slow to switch from bank cards to chip cards, it could become the focus of card fraud. Skimming is increasing in Vietnam,” Tuan said.

For example, Tuan said last year and early this year foreigners had arrived in Vietnam on the pretext of travelling.

“They [foreigners] rented houses and installed broadband to conduct fraudulent transactions and make fake bank cards to withdraw money or pay bills/services via point-of-sale [POS] machines, stealing hundreds of millions of dollars.”

From the beginning of this year, the Ministry of Public Security had arrested more than 120 foreigners for the crime, he added.