Victims in Vietnam Lose $744 Million to Online Scams in 2024

The Vietnam National Cybersecurity Association (NCA) has conducted a survey of 59,000 internet users and found that one in every 220 smartphone users is affected by online scams.

Today's scammers are increasingly using advanced technology to carry out fraudulent activities. They use fake videos, voices and chatbots created by deepfake technology to deal with their victims.

In 2024, online scams caused US$744 million in losses to Vietnamese victims, with investment scams causing the most serious losses.

However, only 45.69%t of the many victims would report the scam to the authorities, while 88.98% would tell their friends and family about their scam.

The survey found that 70.72% of smartphone users have encountered fraudulent financial platforms falsely claiming to be risk-free with high returns.

In addition to investment scams, common scams included posing as government or organization officials, and offering fake prizes and promotions. 62.08% have encountered scams posing as police, court, tax agency, and bank staff which coerced victims into transferring money or installing malware under the guise of legal disputes.

Vu Ngoc Son, head of technology at NCA, said, “Online scams are likely to persist in 2025. Alongside measures from authorities, users must stay vigilant and enhance their cybersecurity skills when using the Internet.”