5 Common Global Financial Fraud Types
Financial fraud is rising at an unprecedented rate worldwide. The explosion of digital payments, e-commerce, online banking, and e-wallets, combined with advancements in technologies such as AI and deepfake, has made financial fraud more complex and difficult to detect. According to the Federal Trade Commission (FTC), consumer-reported losses due to fraud increased by 25% in 2024 compared to the previous year, reaching $12.5 billion. Simultaneously, Coinlaw.io predicts that global losses from online payment fraud will exceed $50 billion in 2025, with approximately 3.3% of global digital payment transactions involving fraudulent activity. 1. What is Financial Fraud? Financial fraud refers to the act of deceiving victims in order to unlawfully seize their assets or sensitive information. This often involves tricking the victim into acting quickly, such as entering an OTP, scanning biometric data, or transferring funds fraudulently. Along with financial theft, personal information, such as bank account numbers, identification numbers, or passwords, is also targeted to facilitate asset theft. The growth of artificial intelligence (AI), e-commerce, digital payments, and other technologies has opened the door to more sophisticated and damaging financial fraud schemes. 2. Common Types of Financial Fraud While there is no exact report on the total number of types of financial fraud, they can generally be classified into several prevalent forms: 2.1. Identity Theft Identity theft occurs when fraudsters illegally acquire and use another person’s sensitive information, such as ID numbers, bank account details, credit card information, email addresses, or biometric data, for fraudulent purposes. Common identity theft methods include: 2.2. Payment Fraud Payment fraud is one of the most widespread forms of financial crime, affecting both individuals and businesses around the globe every day. Criminals manipulate payment systems to steal money, defraud sellers, or exploit banking system vulnerabilities, often causing severe consequences. In the third quarter of 2024, U.S. consumers reported losses of $58 million, according to industry estimates. Common methods include: 2.3. Account Takeover (ATO) ATO occurs when fraudsters gain control over a victim’s online account, such as a bank account, email, or social media account. Criminals typically gain access through brute force attacks, credential stuffing, phishing, malware, or by purchasing stolen data. Once they have access, they can withdraw or transfer money without authorization, change account details (such as phone numbers or email addresses) to maintain long-term control, or impersonate the victim to defraud others. According to reports from Experian & TransUnion, the APAC region has seen a 70% increase in ATO cases between 2023 and 2024. Common signs of ATO include: 2.4. Investment Fraud Investment fraud schemes often involve sophisticated tactics designed to deceive individuals into believing they are making legitimate, low-risk investments offering high returns. In 2024, the FTC reported that consumers lost over $5.7 billion to investment fraud, a $1 billion increase compared to the previous year. Fraudsters use various techniques, including AI-generated content for convincing advertisements and deepfake technology to impersonate celebrities in fraudulent campaigns. Regulatory bodies predict that AI will be increasingly exploited for fraud in 2025 and 2026. 2.5. Mobile App Fraud The widespread use of digital banking has facilitated the rise of fraud involving mobile apps. Common methods include: Financial fraud is becoming an increasingly serious global issue. The development of advanced technologies has made it easier for fraudsters to carry out sophisticated and complex schemes, resulting in enormous financial losses. Both organizations and individuals must adopt advanced security solutions and raise awareness to prevent these attacks. Savyint offers a comprehensive Fraud Management System (FMS) platform that integrates real-time fraud detection, enhancing the security of transactions. This system helps businesses build strong customer trust by minimizing fraud risks, protecting sensitive customer data, and strengthening security in all transactions. Connect with Savyint experts today to mitigate all financial fraud risks! Sources:
Savyint – Pioneering and Dominating Vietnam’s Open Banking Game
On the morning of November 21, Savyint, in collaboration with IBM Vietnam and TechData, successfully organized the Workshop “Implementing Safe, Reliable Open Banking and Complying with Circulars 64 & 50/2024/TT-NHNN.” In the context where Open Banking is becoming a pillar of digital transformation in the Finance – Banking sector, institutions require not only advanced technologies but also legal compliance, data security, and strong authentication. The workshop, held with the support of the Vietnam Institute for Digital Transformation and Innovation (VIDTI) and the Open Banking Forum, provided a comprehensive perspective on strategies, technical frameworks, and legal considerations for implementing Open Banking in alignment with the State Bank of Vietnam’s directives. Delivering the opening remarks, Mr. Doan Thanh Hai – Deputy Director of the Information Technology Department, State Bank of Vietnam – emphasized: “This workshop is an opportunity to share successful models, exchange practical lessons, and discuss emerging trends in security and technology for the effective implementation of Open Banking.” He also expressed confidence that the capabilities of banks, technology enterprises, and pioneering organizations would contribute to promoting safe, reliable Open Banking deployment in Vietnam, establishing a compliant ecosystem aligned with both domestic and international regulations. As the hosting organization, Savyint showcased solutions and delivered presentations on the Open Banking Tech Stack and Savyint Digital Trust – two core solution suites enabling banks to implement Open Banking in full compliance with Circulars 64 and 50/2024/TT-NHNN. Mr. Brad Palmer, COO & EVP of Savyint, highlighted that Open Banking is not merely about API connectivity but a multi-layered security ecosystem where customer identity, strong authentication, transaction protection, fraud risk management, and encryption infrastructure play foundational roles. Open Banking Tech Stack – Strengthening Connectivity and Expanding a Comprehensive Digital Financial Ecosystem Savyint’s Open Banking Tech Stack is purpose-built to meet all regulatory and technical requirements for Open Banking deployment. The stack comprises multiple critical components: Notably, SAVYINT Consent Management is one of the core systems, supporting multiple consent flows including redirect, decoupled, and intuitive consent management interfaces. Developed on an open, globally aligned architecture, the Savyint Open Banking Platform fully supports advanced security standards such as FAPI 2.0, OAuth2, OpenID Connect, PAR, JAR, JARM, mTLS, and Consent Management, ensuring compliance with Circulars 64/2024 and 50/2024. It also aligns with stringent Open Banking frameworks from the Berlin Group, UK Open Banking, Singapore, Australia, Hong Kong, and others. The platform is seamlessly integrated with Savyint Digital Trust, enabling core capabilities such as end-to-end encryption, transaction signing, key management, and tokenization – ensuring every API request is strongly authenticated, encrypted, and verifiably recorded. Savyint Digital Trust – Building Digital Trust and Enabling Secure Digital Transformation Alongside the Open Banking Tech Stack, Mr. Brad Palmer emphasized that the most critical factor in Open Banking is data security. This is why Savyint Digital Trust was created—to safeguard the financial ecosystem in the digital era. The platform is built on an advanced authentication foundation powered by the Cryptographic Security Platform (CSP), which includes SCA/MFA, passwordless authentication based on PKI, data encryption, Smart Token, tokenization, end-to-end transaction signing, and modern cryptography-based mobile device security. This ensures that every user, device, and transaction is protected, authenticated, and verifiable with absolute trust. Highly scalable, Savyint Digital Trust integrates with core systems across banking and finance, including invoicing, taxation, insurance, e-wallets, and digital banking. It supports on-premise or hybrid-cloud deployment and fulfills stringent domestic and international requirements for digital signatures, encryption, and authentication such as eIDAS, CSC 2.0, GDPR, PCI DSS, HIPAA, and more. As the organizer of the workshop, Savyint reaffirmed its pioneering role in shaping the Open Banking landscape in Vietnam. Savyint is among the most comprehensive Open Banking solution providers in Vietnam and the region – covering legal compliance, transaction security, identity & authentication, TPP management, and API infrastructure. Savyint’s technology ecosystem equips banks to implement Open Banking safely, reliably, compliantly, and with scalable expansion – supporting the digital transformation strategies of the Finance – Banking sector. Photos from the workshop:
ONLY 1 DAY LEFT until the Workshop “Implementing Safe, Reliable Open Banking and Complying with Circulars 64 & 50/2024/TT-NHNN”
Co-organized by Savyint Group, IBM Vietnam, and Techdata, with the support of the Vietnam Institute for Innovation & Digital Transformation (VIDTI) and the Open Banking Forum, the Workshop “Implementing Safe, Reliable Open Banking and Complying with Circulars 64 & 50/2024/TT-NHNN” serves as a specialized platform gathering leading experts in Information Technology, Security & Legal Compliance, and Banking & Finance from Vietnam and the region. At the workshop, participants will gain comprehensive insights—from strategy and regulation to technological implementation—for building a successful Open Banking model: Only 1 day to go before the workshop officially begins! Register now to join and connect with top industry experts: https://openbankingforum.org/hoi-thao-ngan-hang-mo/ Workshop: “Implementing Safe, Reliable Open Banking and Complying with Circulars 64 & 50/2024/TT-NHNN” Time: 08:30 – 12:00, Friday, 21 November 2025 Venue: Hotel du Parc Hanoi, 84 Tran Nhan Tong, Hai Ba Trung District, Hanoi Register and view full workshop details: https://openbankingforum.org/hoi-thao-ngan-hang-mo/ Submit questions for speakers: https://openbankingforum.org/dat-cau-hoi-cho-dien-gia/
ONLY 2 DAYS LEFT until Workshop “Implementing Safe, Reliable Open Banking and Complying with Circulars 64 & 50/2024/TT-NHNN”
The workshop “Implementing Safe, Reliable Open Banking and Complying with Circulars 64 & 50/2024/TT-NHNN” is organized by Savyint Group, IBM Vietnam, and Techdata, with the support of the Vietnam Institute for Digital Transformation & Innovation (VIDTI) and the Open Banking Forum. Taking place on the morning of November 21, 2025, the event offers the banking and financial community an opportunity to access in-depth insights on the implementation of Open Banking in Vietnam and around the world. At the workshop, leading industry experts will share practical perspectives on key topics such as: With the participation of respected experts and highly relevant topics, the workshop is a must-attend event for banks, financial institutions, and technology enterprises seeking strategic insights into developing an Open Finance ecosystem. Only 2 days left until the workshop begins! Register now to join and connect with top industry experts: https://openbankingforum.org/hoi-thao-ngan-hang-mo/ Implementing safe, reliable Open Banking and complying with Circular 64 & 50/2024/TT-NHNN Time: 8:30 – 12:00, November 21, 2025Venue: Hotel du Parc Hanoi, 84 Tran Nhan Tong street, Hai Ba Trung ward, HanoiRegistration link: https://openbankingforum.org/hoi-thao-ngan-hang-mo/
Official Agenda of the Workshop “Implementing Open Banking Safely, Reliably, and in Compliance with Circulars 64 & 50/2024/TT-NHNN”
Taking place on November 21, 2025, the workshop “Implementing safe, reliable Open Banking and complying with Circular 64 & 50/2024/TT-NHNN” promises to be a gathering point for leading experts in Information Technology, Security – Legal, and Finance – Banking. As Open Banking becomes a crucial foundation in the digital transformation strategies of banks and financial institutions, understanding the latest regulations from the State Bank of Vietnam, especially Circular 64 and Circular 50/2024/TT-NHNN, is essential to ensure safe, reliable, and sustainable implementation. The workshop, co-organized by Savyint Group, IBM Vietnam, and Techdata, with the support of the Vietnam Institute for Innovation & Digital Transformation (VIDTI) and the Open Banking Forum, aims to help banks shape implementation strategies aligned with national standards while keeping pace with global trends. Below is the detailed agenda for the event on November 21. The workshop will begin from 8:30 – 9:00 with guest check-in and welcome activities. This is an opportunity for attendees and experts to meet, connect, and exchange insights before entering the in-depth discussion sessions. From 9:00 – 9:20, the event will officially open with a presentation on Circular 64/2024/TT-NHNN delivered by a specialist from the Information Technology Department of the State Bank of Vietnam. Continuing the program, from 9:20 – 9:50, Mr. Hoang Nguyen Van, Vice Chairman of the Vietnam Institute for Innovation and Digital Transformation (VIDTI), will present “Implementing Open Banking with Legal Compliance, Trusted Security, and Strong Authentication under Circulars 64 & 50/2024/TT-NHNN.” This session focuses on models, platforms, and technical frameworks that enable banks to implement Open Banking effectively, from preparation to full operation. From 9:50 – 10:20, Mr. Ngo Thanh Hien, Chief Technology Officer of IBM Vietnam, will provide a strategic perspective on “The API Economy in Banking Digital Transformation”—a trend reshaping the digital banking ecosystem. After the break, the workshop resumes with an essential session on “Ensuring Secure and Compliant Open Banking & Digital Banking Implementation under Circulars 64 & 50/2024/TT-NHNN”, presented by Mr. Brad Palmer, CEO & Vice Chairman of Savyint. From 11:00 – 11:30, attendees will delve into “Data Protection in the Era of AI and Quantum Computing,” presented by Mr. Nguyen Manh Linh, Data Security Specialist at IBM Vietnam. At 11:30, the event will transition into an open panel discussion, where leading experts in Technology, Legal, and Banking Finance will exchange insights, share practical lessons, and address questions directly from workshop participants. With a comprehensive program, reputable speakers, and highly practical, timely topics, the workshop “Implementing safe, reliable Open Banking and complying with Circular 64 & 50/2024/TT-NHNN” is set to be an unmissable event for banks, financial institutions, and technology enterprises seeking to advance their open finance ecosystem. This is an opportunity for organizations and businesses to update regulatory requirements, learn from real-world implementation experiences, and expand collaborative networks toward building safe, transparent, and sustainable Open Banking in the digital era. Implementing safe, reliable Open Banking and complying with Circular 64 & 50/2024/TT-NHNN Time: 8:30 – 12:00, November 21, 2025Venue: Hotel du Parc Hanoi, 84 Tran Nhan Tong street, Hai Ba Trung ward, HanoiRegistration link: https://openbankingforum.org/hoi-thao-ngan-hang-mo/
Workshop “Implementing safe, reliable Open Banking and complying with Circular 64 & 50/2024/TT-NHNN”: Key Topics You Should Not Miss
As an important event for experts, financial institutions, and banks, the workshop provides updates on Open Banking trends, technology solutions, and the latest regulatory compliance guidelines. Open Banking is becoming a critical pillar in the digital transformation strategy of the Vietnamese financial–banking sector. However, for effective implementation, banks must not only adopt advanced technologies but also ensure compliance with legal regulations, data security, and strong customer authentication in accordance with Circular 64 and Circular 50/2024/TT-NHNN. The workshop “Implementing Open Banking Safely, Reliably, and in Compliance with Circulars 64 & 50/2024/TT-NHNN” is an unmissable event for experts in legal affairs, banking, and technology. Leading technology specialists will deliver in-depth presentations, provide implementation insights, and share strategic orientations to support banks on their journey to realizing Open Banking in Vietnam. Below are the key discussion topics featured at this workshop. Presentation on Circular 64/2024/TT-NHNN Experts will break down the detailed requirements and guidelines of Circular 64, including secure data sharing between banks and third parties, customer information protection mechanisms, and the compliance roadmap for financial service providers. This will help banks clearly understand the legal framework and the necessary steps to implement Open Banking lawfully and securely, minimizing legal risks during deployment. Implementing Open Banking with Legal Compliance, Trusted Security, and Strong Authentication under Circulars 64 & 50/2024/TT-NHNN This session will introduce technology solutions that enable banks to implement Open Banking while maintaining full legal compliance, ensuring security, and meeting strong customer authentication (SCA/MFA) requirements under Circulars 64 & 50. These may include secure API architectures, international-standard data protection mechanisms, and strong authentication methods. The solutions aim to optimize customer experience while minimizing security risks. The API Economy in Bank Digital Transformation The presentation will highlight the role of APIs in expanding digital service ecosystems, and explain how to leverage API value to accelerate innovation and create competitive advantages for financial institutions. Ensuring Secure and Compliant Open Banking & Digital Banking Implementation under Circulars 64 & 50/2024/TT-NHNN This session will focus on advanced security standards for Open Banking, including identity governance, access control, and API integration. It emphasizes embedding regulatory requirements into operational workflows to ensure continuous compliance and reduce security vulnerabilities. Data Protection in the Era of AI and Quantum Computing As AI and quantum computing advance rapidly, data protection becomes a top priority. Experts will discuss cutting-edge data protection methods that help banks maintain customer trust and comply with security regulations. The workshop “Implementing safe, reliable Open Banking and complying with Circular 64 & 50/2024/TT-NHNN” promises to deliver practical perspectives, technical solutions, and comprehensive implementation strategies for Vietnam’s emerging open financial ecosystem. With participation from pioneering organizations in digital transformation, data security, and banking infrastructure, the event will offer valuable insights to help financial institutions adapt to new regulatory frameworks, enhance security, and build a sustainable digital service foundation. Implementing safe, reliable Open Banking and complying with Circular 64 & 50/2024/TT-NHNN Time: 8:30 – 12:00, November 21, 2025Venue: Hotel du Parc Hanoi, 84 Tran Nhan Tong street, Hai Ba Trung ward, HanoiRegistration link: https://openbankingforum.org/hoi-thao-ngan-hang-mo/
Meet Leading Experts at the Workshop “Implementing safe, reliable Open Banking and complying with Circular 64 & 50/2024/TT-NHNN”
With the goal of helping banks and financial institutions shape effective, secure, and sustainable Open Banking strategies, the workshop brings together leading experts in Information Technology, Security & Legal Compliance, and Banking–Finance. As Vietnam’s financial and banking sector enters a period of strong transformation, implementing Open Banking in alignment with the directions of Circulars 64 & 50/2024/TT-NHNN has become a key mission to ensure safety, compliance, and innovation. The workshop “Implementing safe, reliable Open Banking and complying with Circular 64 & 50/2024/TT-NHNN ” gathers top technology, legal, and data security experts from Savyint Group, the Vietnam Institute of Innovation & Digital Transformation (VIDTI), and IBM Vietnam. Combining strategic perspectives with practical experience, the speakers will share critical solutions that help banks meet new regulatory requirements, protect user data, and build Digital Trust in the era of open finance. Let’s explore the experts who will be joining this event with Savyint. Mr. Hoang Nguyen Van, Vice President, Vietnam Institute of Innovation & Digital Transformation (VIDTI) With many years of experience in digital transformation and policy development, and as a Senior Expert and Technical Standards & Compliance Director of the Open Banking Exchange, Mr. Hoang Nguyen Van will deliver comprehensive insights on security, strong customer authentication (SCA/MFA), and the regulatory framework for implementing Circulars 64 & 50/2024/TT-NHNN. He will also present end-to-end solutions enabling banks to simultaneously achieve innovation and compliance. Mr. Ngo Thanh Hien, Chief Technology Officer, IBM Vietnam As a leading technology expert in cloud security infrastructure, Mr. Ngo Thanh Hien will discuss the role of APIs, building the API economy, and how banks can leverage open platforms to innovate products, optimize operations, and expand collaboration with third-party providers. Mr. Brad Palmer, Chief Executive Officer & Vice President, Savyint Group With extensive experience in identity management, strong authentication (MFA/SCA), and data security, Mr. Brad Palmer will present approaches to ensuring safety and compliance in the Open Banking model—supporting banks in meeting regulatory standards under Circulars 64 & 50/2024/TT-NHNN. Mr. Nguyen Manh Linh – Data Security Expert, IBM Vietnam Mr. Nguyen Manh Linh will share in-depth insights into data protection strategies, encryption, and security risk prevention in the context of rapid advancements in AI and quantum computing—opening new pathways for banks to safeguard digital assets and customer trust. With the participation of leading experts from the State Bank of Vietnam, VIDTI, and global technology enterprises such as Savyint Group and IBM Vietnam, the workshop promises to deliver multidimensional, insightful, and practical perspectives on the journey of implementing Open Banking in Vietnam. This will be a valuable opportunity for banks, financial institutions, and technology partners to discuss, connect, and shape the future of Vietnam’s digital finance landscape. Implementing safe, reliable Open Banking and complying with Circular 64 & 50/2024/TT-NHNN Time: 8:30 – 12:00, November 21, 2025Venue: Hotel du Parc Hanoi, 84 Tran Nhan Tong street, Hai Ba Trung ward, HanoiRegistration link: https://forms.office.com/e/TZvYePQqCB Event Details: https://savyint.com/implementing-safe-reliable-open-banking-and-complying-with-circular-64-50-2024-tt-nhnn/
Implementing safe, reliable Open Banking and complying with Circular 64 & 50/2024/TT-NHNN
Open Banking is not only a global trend but also one of the key pillars in the digital transformation strategy of Vietnam’s financial and banking sector. Expanding connectivity and data sharing between banks and third-party providers (TPPs) opens up opportunities for service innovation and customer-centric financial ecosystems. Alongside these opportunities come significant challenges related to regulatory compliance, data protection, and strong customer authentication (SCA/MFA), as stipulated in Circulars No. 64 and 50/2024/TT-NHNN issued by the State Bank of Vietnam (SBV). To provide a comprehensive perspective from policy to technology to implementation, Savyint Group, in collaboration with the Vietnam Institute for Innovation and Digital Transformation (VIDTI), IBM Vietnam, and Techdata, will host the workshop: “Implementing safe, reliable Open Banking and complying with Circular 64 & 50/2024/TT-NHNN” The event will take place on Friday, November 21, 2025, from 08:30 to 12:00 at Hotel du Parc Hanoi, and will also be livestreamed via Zoom Webinar, enabling individuals and organizations interested in banking technology and digital transformation to join remotely. The workshop will bring together representatives from Savyint Group, along with experts from the Information Technology Department of the State Bank of Vietnam, the Vietnam Institute for Innovation and Digital Transformation (VIDTI), and IBM Vietnam, to share key insights on the following topics: This workshop offers a valuable opportunity for banks, financial institutions, and technology partners to gain a deeper understanding of the regulatory frameworks, technical standards, and modern security solutions required to successfully implement Open Banking in Vietnam. With the participation of leading organizations in digital transformation, information security, and financial technology, the event promises to deliver practical insights, international best practices, and strategic directions to help Vietnam build a secure, transparent, and trusted open financial ecosystem. 👉 Register now to join the workshop: https://forms.office.com/e/TZvYePQqCB
Savyint Proudly Sponsors World Financial Innovation Series (WFIS) 2025 Philippines as Bronze Sponsor
Savyint is honored to be a Bronze Sponsor of the World Financial Innovation Series (WFIS) 2025 Philippines, the premier fintech event in the ASEAN region, organized by Tradepass. The event will bring together over 600 leaders and experts from the finance, banking, and insurance sectors, representing more than 200 organizations across the region. The Philippines is at the forefront of the digital financial transformation, with the online lending market projected to reach USD 1.68 billion by 2027 and over 65 million e-wallet users expected by 2025. Additionally, electronic payments account for 52.8% of total retail transactions, reflecting the widespread adoption of digital technologies in financial services. This surge is driven by three key factors: supportive government policies, the rapid rise of fintech, and the growing demand for a comprehensive financial ecosystem. Initiatives led by the Bangko Sentral ng Pilipinas (BSP), such as the Open Finance pilot program and Project Nexus for enhanced cross-border payments, underscore the country’s commitment to fostering financial inclusion and sustainable development. Against this backdrop, WFIS 2025 Philippines, hosted by Tradepass, serves as a pivotal platform, uniting over 600 industry leaders and experts from 200 organizations. Under the theme “Bridging Financial Gaps for a Digitally Smart Philippines,” WFIS 2025 is more than an event—it is a hub for strategic collaboration and discussions on critical topics such as Open Finance, Central Bank Digital Currency (CBDC), and the application of AI and blockchain in financial services. With over 300 active fintech companies and online payments comprising 52.8% of retail transactions, WFIS 2025 is the ideal stage to shape the future of fintech in the Philippines and drive financial innovation. Over the course of two days, WFIS 2025 Philippines will feature a robust lineup of activities, including: As a Bronze Sponsor, Savyint is represented at the event by Mr. Steve Hoang, Chief Technology Officer, and Mr. Brad Palmer, Chief Operating Officer and Executive Vice President. Savyint’s leadership will engage with top regional executives, investors, and strategic partners, sharing insights on secure digital transformation, electronic identity, and building digital trust within the financial ecosystem. Mr. Brad Palmer stated: “WFIS 2025 is a vital platform for Savyint to connect with strategic partners in the region while reaffirming our long-term commitment to delivering advanced security, identity, and digital finance solutions. This event provides an opportunity to showcase our latest technologies, engage with banking and fintech leaders, and contribute to the secure and sustainable growth of the Philippines’ and ASEAN’s financial ecosystems.” With over 20 years of expertise in developing encryption, identity, and authentication solutions, Savyint offers the market’s most comprehensive authentication platforms, fully compliant with BSP Circular No. 1213. The company is dedicated to supporting the Philippines’ financial sector by implementing modern security standards, combating fraud, and fostering digital trust. Images from the event: