Vietnam Blocks Over 50,000 E-Wallet Accounts for Suspected Legal Violations in 2024
Vietnamese authorities have taken decisive action by blocking more than 50,700 e-wallet accounts in the first half of 2024 amid signs of legal violations involving crimes related to electronic payment services. The Ministry of Public Security and the State Bank of Vietnam jointly lead the Vietnam E-wallet Working Group, which reported these figures as part of ongoing efforts to combat fraud, illegal fund transfers, and gambling through e-wallet platforms. The Working Group emphasized the importance of upgrading system security measures and enhancing user awareness to further mitigate these risks. This initiative reflects Vietnam’s broader regulatory focus on maintaining the integrity of its digital financial ecosystem amid growing concerns over cybercrime associated with electronic payments.