July 17, 2024

![Major General Nguyen Van Giang, Deputy Director of the Department of Cyber ​​Security and High-Tech Crime Prevention, Ministry of Public Security (A05). Photo: Quang Dinh](https://investmentshoax.com/wp-content/uploads/2024/06/cyber-attacks-and-online-fraud-cost-vietnam-vnd390tril-in-2023-03354b9938a34ed1aa42476a002dd775-3815.jpeg)

In 2023, Vietnam’s Information Security Warning Portal logged near to 13,900 cyber breaches aimed at businesses, agencies, and organizations, along with a concerning 16,000 instances of cyber fraud. The total loss stemming from these activities amounted to roughly VND 390,000 billion, making up 3.6% of the nation’s GDP.

This alarming revelation was made public by Major General Nguyen Van Giang, the Deputy Director of the Department of Cyber Security and High-Tech Crime Prevention (A05). Giang discussed these matters during a workshop titled “Improving Security and Safety of Cashless Transactions” conducted in Ho Chi Minh City on June 14.

Major General Nguyen Van Giang disclosed estimated figures for the total funds swindled by online tricksters in 2023, assumed to be within the brackets of VND 8,000-10,000 billion. This data depicts a surge of 1.5 times compared to the previous year of 2022.

A dominating 91% of these fraudulent operations targeted the financial services sector. Also, about 73% of users utilizing mobile devices and social networks had reported receiving potentially fraudulent messages and phone calls.

Despite rigorous measures of warning and preventative actions initiated by both authorities and the media, the issue of cyber fraud persists. The deceitful activities continue primarily due to organized cross-border criminal groups exploiting legal voids in several nations. Vietnam’s neighboring countries such as Cambodia and Myanmar serve as operating bases for these fraudulent groups, often led by foreign nationals.

The escalating issue of online fraud is further aggravated by the lack of conscious awareness and cautiousness exhibited by users, making them vulnerable to cunning cyber frauds.

According to details provided by the Ministry of Public Security and the Ministry of Information and Communications, currently, there are three primary types of fraud (brand counterfeiting, account hijacking, other combined forms) executed through 24 various tactics.

The responsibility of curbing online fraud lies collectively in the hands of the political system mobilizing its forces, the coordination between ministries, affiliations, agencies, businesses, and the public. It’s essential for individuals to inform and arm themselves with knowledge about the strategies employed by these fraudsters to combat and prevent such illegal activities effectively.

The Department of Cyber Security and High-Tech Crime Prevention urges citizens to increase understanding and skills to protect themselves online, continually stay updated on the nature, tactics, and schemes of online frauds, verify information before conducting online transactions, be cautious while engaging in online loans, be aware of the risks involved in trading and investing in cryptocurrencies and digital currencies unrecognized by Vietnamese law, use payment accounts, bank cards, and documents carefully, never disclose personal, financial, or OTP information to strangers. It also recommends not to click on unknown links or download apps, avoid trading, renting, borrowing or exchanging payment accounts, bank cards or documents, activate double layer authentication for social media accounts, not to overshare personal information online and report any suspicious activities to the nearest police department immediately.


**How many cyber-attacks occurred in Vietnam in 2023?**

A total count of approximately 13,900 cyber-attacks were registered in Vietnam during 2023.

**What is the estimated total amount scammed by online fraudsters in 2023?**

According to Major General Nguyen Van Giang, the estimated total amount scammed by online fraudsters in 2023 ranges from VND 8,000-10,000 billion.

**What are the preventive measures one can take to avert online fraud?**

Some preventive measures include verification of information before online transactions, avoiding online loans from unknown sources, careful management and use of payment accounts and bank cards, not sharing personal and financial information with strangers, avoiding the download of apps or clicking on links from unknown sources, enabling two-factor authentication for social network accounts, and immediately reporting suspicious activities to the police.