Recent developments have raised alarms as scams involving online investment schemes, particularly cryptocurrency, have grown increasingly sophisticated. Law enforcement agencies across the nation report significant increases in the number of people falling victim to these frauds. Unscrupulous individuals host extravagant seminars promising high returns on investments to lure unsuspecting victims, often showcasing what seems to be extravagant wealth.
Recent crackdowns by the police have led to the dismantling of multiple criminal networks involved in these scams. The latest figures show alarming trends where illicit actors exploit both the digital space and traditional media to present misleading projections of economic gains. Many people, often lacking strong legal knowledge, are manipulated by the false promises of high returns.
The tactics employed are varied and cunning. Offenders often use apps like City Credit to engage potential victims through seemingly legitimate buying and selling. Others masquerade as officials handling legal matters related to the victims, requesting funds to be transferred to designated accounts to gain trust before co-opting victims’ financial information using OTP codes sent under false pretenses.
A particularly poignant case was reported by the Provincial Police of Nghe An, which detailed the take-down of an extensive international fraud ring based out of the Golden Triangle Economic Zone of Bokeo, Laos. The operation, led by five foreign nationals, deceived many Vietnamese individuals by promising lucrative investment opportunities associated with cryptocurrencies. "These offenders used the tactic of building romantic relationships online with their targets to lure them even more deeply,” said the police during the investigation. Victims have suffered losses totaling tens of billions of Vietnamese Dong.
The modus operandi typically includes creating appealing personal profiles on social media showcasing luxurious lifestyles. Online communication is initiated with carefully selected targets, eventually leading to pressure tactics encouraging investments. For example, the duo of Kha Van Uc and Vi Van Linh is known for tricking one victim out of over 18.6 billion Dong (approximately $790,000).
The authorities note the common theme among these scams: victims are often presented with enticing advertisement campaigns pitching investment opportunities with promises of high returns. To build trust, many victims are allowed to withdraw small profits from their initial investments, which incentivizes them to invest even more. These actors frequently establish fake exchange platforms or impersonate legitimate international trading sites, thereby convincing potential investors to participate.
The Provincial Police of Nghe An urge citizens to exercise extreme caution. They warn against engaging with any cryptocurrency trading platforms or investment apps, especially those advertising unrealistic profits. Investments without legal endorsement from government authorities carry significant risks. "We encourage people to be skeptical of offers promoting illegal investments or promising quick returns,” said local police authorities.
To bolster these warnings, the Directorate for Cyber Information Security at the Ministry of Information and Communications has also issued alerts. They advise the public to remain alert for unsolicited investment pitches from social media personalities. Scams often develop through texts, unfamiliar emails, or suspicious phone calls claiming urgent attention is required. Facial recognition discrepancies within video calls can also be red flags, indicating the use of deepfake technology aimed at creating deceptive scenarios.
Authorities advocate for individuals to limit personal information shared on social media platforms to thwart potential data thefts. Implementing strict privacy settings is recommended as preventive care against potential identity fraud.
Particularly concerning are tactics where fraudsters send inappropriate messages to spouses to create doubt and curiosity, often sending deceptive links. When opened, these links can lead to complete control over smartphones, resulting in financial downturns for victims.
Several criminal cases have raised public awareness of this issue. An organized contest named “Combatting Counterfeit Goods and Online Fraud” has been initiated to educate citizens about these scams and how they can protect themselves. Held online, it allows participants to engage with scenarios reflecting these frauds, thereby increasing public awareness. The contest began on February 24, 2025, and will run until May 26, 2025.
The participation has surged, and several provinces are leading, such as Nghe An and Hanoi, showcasing the community’s willingness to engage and learn about safety protocols against scams. The Ministry of Information and Communications ensures these initiatives are supported under government regulations aimed at enhancing consumer protection within the e-commerce sector.
This contest outlines the significance of public education as the first line of defense against online scams. Individuals are encouraged to remain vigilant against high-stakes offers; ignoring the red flags can lead to major financial losses.
Overall, as the world keeps spinning digitally, these updates serve as reminders to remain aware and stay informed, as vigilance is key against the sophisticated scammers lurking online.