Vietnam arrests 2 Chinese for stealing from foreign bank accounts

Thanh Nien News

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Police in Da Nang have arrested two Chinese men for using fraudulent cards linked to stolen bank accounts to pay for services and withdraw a cash amount worth US$18,000 in Vietnam. 
Hao Yan Jun, 27, and Ping San Shi, 40, were caught after a local bank detected an "unusual transaction" at a travel company on Monday. 
The bank later found the transaction was made with a fraudulent card and seized a number of cards from the duo. 
They reportedly confessed that they had made the cards using accounts stolen from many foreigners. They allegedly used the cards to withdraw a total of VND400 million (US$18,000).
There have been many reported instances of criminals stealing money using fake bank cards in Vietnam. Experts warn this will continue without measures to improve banking security. 
Only around 4 percent of 84 million credit cards issued in Vietnam use the global standard EMV chip technology, which ensures higher security and lower risk of data breaches.
The rest still use magnetic strips, which cost only a third of the new and safer technology. Vietnamese banks plan to switch completely to EMV by 2020.

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