Expert’s warning: Digital payment trend in Vietnam and security risks

Monday, 19 June 2023

Estimated reading time:2 minutes

The increasingly popular digital payment method comes with many security risks that need to be alerted.


The more digital payments, the greater the risk

According to ICT News, Mr. Pavan Muttireddy, Head of Risk Management at Visa Southeast Asia, said: “APEC users are clearly trending towards cashless payments. Half of Payment transactions in APEC are contactless payments”. On the other hand, online shopping leads to become a habit and favorite of many people. According to statistics, up to 85% of users make purchases on apps at least once a week. However, this also raises safety concerns. Especially in Vietnam, in the context of Covid, contactless transaction is gradually prevailed as an optimal choice to help ensure the health and safety of parties. Digital payments are increasingly popular, leading to a series of safety and security risks. Visa’s research shows that: 51% of Vietnamese consumers are afraid of being infiltrated by malware and viruses on their phones. 41% of them are afraid of information disclosure when third parties may be able to unauthorized access to the device. To solve the user’s pain, the platforms providers encrypt payment information (such as card number and other payment account details…) with random codes which does not contain any authentication information, disables theft and fraud.



Watch out for suspicious texts, emails, calls, and tricks

From a security perspective, experts assess that forms of fraud are on the rise. As users become more dependent on E-wallets and mobile banking applications, the more cybercriminals keep an eye on them and discover more sophisticated forms of attacks. “These incidents will be increased in the near future, so it is important that devices need to be secured and users aware of the online risks in the digital society.” In 2021, nearly 700,000 phishing scams using text messages, emails, and phones to contact users) were handled. This is a form of non-technical attack used by cybercriminals to steal confidential data from a user’s computer or smartphone, and then they use the data for various purposes, such as stealing steal money or resell stolen data. Not only individual transactions, organizations or banking and financial units will easily suffer damage if they are not alert. Therefore, it is extremely important to be cautious and look for a security solution for sustainable development in this sensitive period.

Source: ictnews
Share this blog :

Related Blogs & News

vietnam security

4 min read

Cybersecurity incidents in Vietnam dropped sharply in April 2020

The number of cyberattacks on information systems in Vietnam leading to incidents in April 2020 decreased by 28% compared to March 2020 and decreased ...

Windows DNS

3 min read

Flowmon Detects Windows DNS SIGRed Exploitation

The SIGRed vulnerability allows an attacker to execute remote commands on Windows operating systems via DNS and it can be spread throughout the networ...


2 min read

24000 Android apps from Play Store threaten user data

Firebase is an app hosting platform acquired by Google in 2014. According to cybersecurity experts, the developers of the 24,000 apps available on the...