Hanoi, May 4 -- As financial fraud and online scams become increasingly sophisticated, Vietnamese banks are tightening transaction controls and deploying digital tools to detect risks earlier and better protect customers.​

The State Bank of Vietnam (SBV) said that by April 12, more than 3.7 million customer alerts had been issued through the information system for management, supervision and prevention of fraud risks in payment operations (SIMO).​

According to reports from participating institutions, more than 1.2 million customers temporarily suspended or cancelled transactions after receiving warnings, involving nearly 4.17 trillion VND (158.12 million USD).​

Before that date, SIMO had been rolled out at 149 institu...