Vietnam securities account verification deadline approaches; regulator warns of scams

Vietnam’s State Securities Commission issued a warning on November 9: scammers may exploit rules requiring securities accounts to be linked to and verified against electronic identity accounts. Impersonating brokerage or regulatory staff, they may claim that investors’ accounts will be locked or trading restricted unless verification is completed immediately.

Under Clause 9, Article 40 of Decree No. 69/2024/NĐ-CP, as supplemented by Decree No. 320/2026/NĐ-CP, electronic trading accounts on digital platforms in the securities sector must be linked to and verified against electronic identity accounts. Accounts created before Decree No. 320/2026/NĐ-CP took effect must complete the process by December 31, 2026. The regulator said the verification requirement is genuine and is intended to improve trading security and reduce the use of accounts by people other than their registered owners.

The State Securities Commission said scammers may send links or QR codes to lure investors into submitting images of identity documents, passwords, one-time passcodes or facial data through websites or apps of unknown origin. They may also ask investors to install fake apps or technical support software, share their screens or grant remote control of their devices. Fake pages may use names, logos and interfaces resembling those of brokerages or regulators.

Illustration of securities account verification scam risks (AI-generated).（VietVance）

Once scammers obtain login details, verification codes or control of a device, they may take over a securities account, make unauthorized trades, change contact information or steal assets. The State Securities Commission advises investors to complete verification only through their brokerage’s official app, website or other official channels. If they receive an unusual notice, they should call the number published on the brokerage’s official website to check it, and should not give passwords, PINs, verification codes or biometric data to unverified parties.

Investors who suspect their account has been taken over should contact their brokerage promptly to protect it. If their money is at risk, they should also notify the relevant bank, preserve evidence and report the matter to the police. The regulator also warned investors against sending more money to people who claim they can recover stolen assets, as this may be another scam.

Source: VietVance