Raising user awareness about safety in digital payments

Digital Payment - Potential Comes with Challenges

Vietnam is showing positive signs in increasing acceptance and prioritizing digital payment methods in daily life. As of May 2023, nearly 75% of adults had payment accounts, according to the State Bank of Vietnam . At the same time, 3.71 million Mobile-Money accounts were opened, of which more than 70% were opened in rural, remote and isolated areas, demonstrating the Vietnamese people's ability to access and participate in digital payments, keeping up with the era of "breaking the limits" of digital payments globally.

Of course, this rapid development also comes with challenges in terms of safety and security. Recently, some common fraud methods have been reported by banks including: Impersonating bank officers to call customers to invite them to borrow money in order to appropriate fees and personal account information of customers to commit fraud; Forging QR codes at stores and payment locations to appropriate money;...

Faced with unpredictable fraud methods, government agencies are stepping up efforts to promote and ensure safety and security in digital payments. In addition, banks and financial institutions are constantly communicating and emphasizing the need to improve safety and security to ensure their customers' transactions. Experts say that protecting users' payment activities in the digital environment is the key to moving towards a sustainable payment future.

Improve safety and security knowledge

In unison with the common effort, the issue of safety and security in digital payments was emphasized at the program "Vietnam Card Day 2023". With the message "Breaking the limits" at the Song Festival event within the program, young people participating had diverse and useful experiences with digital payments, raising awareness of different cashless payment methods, focusing on safety and security.

Mastercard is the gold sponsor of the “Vietnam Card Day” event series for 3 consecutive years. Through this cooperation, Mastercard hopes to convey a positive message to young Vietnamese people about the advantages of cashless payment methods in modern life, as well as focusing on safety and security when using digital payments.

At this year's Song Festival, Mastercard's booth chose the theme "Safety and security in digital payments", with activities on security and safety in payments, the unit once again emphasized the importance of raising user awareness about ensuring safety and security in digital payments.

Mastercard's booth at Song Festival, Vietnam Card Day 2023 attracted many young people to explore the safety and security of electronic payments.

Participating in Mastercard's booth at Song Festival, Phuong Thao (19 years old, student in Hanoi ) shared: "Digital payments help me save effort and reduce waiting time in transactions. The activities at Mastercard's booth with the message "Pay with peace of mind. Anytime, anywhere" helped me better understand the importance of safety and security when opening a card or making digital payments."

At Mastercard's booth, questions about safety and security in digital payments were conveyed in a friendly and easy-to-understand manner.

Mastercard commits to enhancing the safety and security of digital payments

As a trusted global payment partner, Mastercard is working with many banks and financial institutions to build safe and secure digital transaction technology. Considering cybersecurity as a top priority in the world and in the region, Mastercard invests heavily in technology to help partners prevent online fraud and reduce financial risks due to data attacks,...

By investing more than $5 billion in developing cutting-edge technology to create innovation that helps prevent attacks and strengthen cybersecurity over the past five years, Mastercard has prevented $35 billion in losses from cyberattacks in the last three years.

The company recently announced a strategic partnership with Vesta, a comprehensive fraud prevention platform. The partnership will enable the integration of Vesta’s Payment Guarantee™ and payment protection solutions into the Mastercard Gateway Payment Service (MGPS) platform.

Starting in the second half of 2023, MPGS users in the Asia-Pacific region will be given optional access to both anti-fraud solutions, providing comprehensive protection for e-commerce transactions while reducing the overall cost of fraud losses.

Le Thanh

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