At a conference held on June 23 in Hanoi, the Ministry of Public Security and the State Bank of Vietnam signed and launched a cooperation plan to strengthen efforts against online scams and cyber-enabled fraud.
The agreement was signed by Deputy Minister of Public Security Pham The Tung and Deputy Governor of the State Bank of Vietnam Pham Tien Dung.
Deputy Minister Pham The Tung and State Bank of Vietnam Deputy Governor Pham Tien Dung sign the coordination regulations between the two sides on June 23 (Photo: Ministry of Public Security).
Under the framework, the two agencies will focus on enhancing information exchange to support the detection, prevention, investigation and prosecution of online fraud offences.
The cooperation will also include joint efforts to identify emerging fraud methods and improve procedures for verifying, freezing and tracing funds linked to criminal activities.
A key component of the agreement is tighter oversight of the opening and use of bank accounts and electronic wallets, alongside increased public awareness campaigns warning customers about new scam tactics.
The Ministry of Public Security said it would continue directing specialised units and local police forces to proactively detect and dismantle online fraud networks while strictly handling offenders.
Investigators will also intensify efforts to identify and prosecute individuals involved in the buying, selling, renting or lending of bank accounts and electronic wallets used to facilitate criminal activity.
Meanwhile, the State Bank of Vietnam will instruct commercial banks, foreign bank branches and payment intermediary service providers to strengthen risk management systems, enhance security measures and improve monitoring of suspicious transactions.
State Bank of Vietnam Governor Pham Duc An speaks at the conference (Photo: Ministry of Public Security).
Financial institutions have been directed to refine customer verification procedures, closely monitor high-risk accounts and respond quickly to requests from law enforcement agencies related to crime prevention and investigations.
Minister of Public Security Luong Tam Quang speaks at the conference (Photo: Ministry of Public Security).
Speaking at the conference, central bank officials said the cooperation framework would help shift the relationship between the two agencies from case-by-case coordination to a more regular, proactive and structured partnership, supported by clear responsibilities and dedicated technical tools.