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Jul 13, 2022 / 10:38

Vietnam is safest in Southeast Asia for virtual finances: Kaspersky

The rate of fraud related to banks, payment systems, and online stores in Vietnam is lower than other countries in the region.

Kaspersky Lab, a Russian leading security software manufacturer and distributor, has recently described Vietnam as the safest country in Southeast Asia against the threat of financial attacks on banks, payment systems, and online stores.

Yeo Siang Tiong, Kaspersky Lab’s general manager for Southeast Asia, told local media that the company's recent statistics showed the rate of fraud related to banks, payment systems, and online stores in Vietnam was lower than that of other countries in the region.

 File photo. Source: datalinknetworks.net

The scam rate was 26.36% in Vietnam while it was 40.87% in Indonesia, 46.77% in Malaysia, 64,03% in the Philippines, 51.6% in Singapore, and 56.35% in Thailand, Yeo Siang Tiong said.

He added that Vietnam's efforts in ensuring the security of virtual financial activities have been considerable.

Yeo pointed out that the increase in online transactions in Vietnam during the Covid-19 pandemic occurred in parallel with the rise of fraud conspiracies through the use of fake pages which impersonate popular payment systems such as Visa, Mastercard, and PayPal, among others.

Based on Vietnam’s remarkable numbers in the region, the general manager noted that online transactions and shopping of users in the country are increasingly improving every day.

This can be attributed to the ongoing efforts of the Vietnamese Government to raise awareness of financial and data security in the context that mobile banking and electronic wallets have been flourishing in the region, Yeo added.

According to the Asia-Pacific Digital Banking and Financial Technology 2025 report by Backbase, mobile transactions are forecast to increase by 300% in Vietnam by 2025, thanks to the rise of the digital economy.

Vietnam is definitely ready for a quick digital transformation as well as ensuring a safer financial environment for organizations and individuals due to strong infrastructure and threat intelligence sharing, Yeo confided.

The State Bank of Vietnam also set goals to develop a digital government with specific solutions to promote digital payments and prepare infrastructure and conditions to meet national and specialized database connection network security criteria.