Vietnam central bank warns of new credit card scam

TN News

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The State Bank of Vietnam (SBV) has released a notice warning credit card issuers about a new form of fraud involving foreigners and local retailers.

The notice warned that teams of foreigners are colluding with select retailers to steal financial information from foreign credit card holders.

The foreign crooks then use illicit computer devices to create fake cards and work with the businesses to appropriate money through POS (point of sale) devices.

For instance, they would make fake purchases and collude with the shop to split the money.They take as much money as possible from a credit card account in the shortest time using the fake card, the bank said.

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It said the new hi-tech crime detected has seriously hurt credit card holders in Vietnam and undermined the electronic payment activities and damaged the reputations of local banks.

The bank advised credit card issuers to monitor shady transactions through POS devices and alert SBV officials of any suspicious activities.

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