ENHANCING
DIGITAL PAYMENT RISK MANAGEMENT CAPACITY IN THE DIGITAL SOCIETY
ABSTRACT
This study analyzes digital payment risks in the context of the rapid growth of
cashless payments in Vietnam, emphasizing the need to shift from a “fraud
prevention” approach to a proactive digital payment risk management framework. Based on illustrative
data on transaction scale, the growth rate of QR payments, the level of bank
account penetration, and financial losses caused by online fraud, the paper
identifies several specific risk groups affecting citizens, students, and
businesses. It also proposes a three-layer protection model (People – Process – Tools) and
offers recommendations for universities, enterprises, financial institutions,
and regulatory authorities.
1. Introduction
Cashless payment is shifting from a trend to a widely adopted
transactional infrastructure in Vietnam’s digital economy. The rapid increase
in the number of bank accounts, mobile transactions, and QR payments has
created significant convenience for citizens, students, and businesses.
However, as transaction frequency rises, payment risks are not limited to
online fraud. They also include operational errors, process-related risks,
information risks, service disruption risks, and internal control risks.
Therefore, it is necessary to shift the focus from merely “fraud warnings” to a
more systematic approach to digital payment risk management.
2. Digital Payment Risks Beyond Online
Fraud
·
Operational risks: transferring money to the wrong account, entering an incorrect amount,
scanning the wrong QR code, or clicking the wrong payment link.
·
Process risks: lack of verification steps, inadequate authorization and access control,
and absence of periodic reconciliation.
·
Information risks: exposure of personal data, leakage of device or account access
credentials, and disclosure of transaction records.
·
Platform/partner risks: fake payment gateways, applications from unknown or unverified sources,
and merchants that do not meet proper security standards.
·
Disruption and dispute risks: pending transactions, delayed recording of transactions, or money being
deducted while the recipient has not yet confirmed receipt.
3. Practical Recommendations for Digital Payment Risk Management
3.1. For Universities
- Incorporate safe
digital payment skills into civic orientation weeks or soft skills
courses.
- Design
simulation scenarios such as paying tuition fees, renting accommodation,
online shopping, receiving scholarships, and part-time salary payments.
- Collaborate
with banks to organize regular seminars or workshops for students on
digital payment risks.
3.2. For Businesses
- Treat digital
payment risk as part of financial management and internal control, not
merely an IT issue.
- Periodically
review weaknesses in payment approvals, reconciliation processes,
beneficiary account changes, and document verification.
- Train frontline
staff (accounting, procurement, sales administration) on payment
verification procedures.
3.3. For Financial Institutions and Regulators
- Develop digital
financial education and communication programs tailored to specific groups
(students, household businesses, the elderly, and SMEs).
- Improve
safety-by-design features in payment experiences (context-based alerts and
additional verification layers).
- Encourage the
adoption of minimum digital payment control standards for small and
medium-sized enterprises (SMEs).
4. Conclusion
Digital payments are a fundamental pillar of Vietnam’s digital economy,
but their sustainability depends on the development of corresponding risk
management capabilities. Data on transaction scale, the rapid growth of QR
payments, and financial losses caused by online fraud indicate the need to
shift from a reactive, post-incident response approach to a proactive
prevention-oriented strategy.