Vietnamese Hacker Apprehended for Unauthorized Access to Bank System, Stealing $420,000
Hồ Chí Minh City, Vietnam — In a recent development, authorities in Hồ Chí Minh City have arrested a Vietnamese man, identified as Duong Minh Tam, on charges of infiltrating the system of a prominent bank and misappropriating VND10 billion (equivalent to approximately $424,000). The 27-year-old suspect is currently under investigation for his alleged involvement in using computer networks, telecommunications networks, the internet, and digital devices to unlawfully obtain property. This arrest follows a report filed by a local bank in Hồ Chí Minh City on June 21.
According to investigators, Tam opened a payment account at the undisclosed bank toward the end of last year. He subsequently downloaded the bank’s mobile application onto his phone and created an online savings book with an initial value of VND1 million. The bank’s regulations stipulate that customers can use their savings book as collateral to secure online loans of up to 85% of the book’s value, not exceeding VND2 billion per transaction.
However, Tam stands accused of infiltrating the bank’s financial system and utilizing various tactics to inflate the value of his online savings book to over VND51 trillion. Between May 23 and June 9, the suspect made seven withdrawals from the banking system, transferring a total of more than VND10.5 billion to his personal account. Investigators revealed that Tam transferred VND500 million back to the bank, while pocketing the remainder for himself.
During questioning, Tam admitted to withdrawing VND6.5 billion from his account for personal expenses and to purchase virtual currency. The police have now broadened their investigation to uncover any potential accomplices or additional illegal activities associated with the case.
This incident highlights the ongoing need for robust cybersecurity measures within the banking sector and serves as a reminder to financial institutions to remain vigilant against such unauthorized access attempts. Authorities in Vietnam are taking this matter seriously, and as the investigation expands, more information is expected to come to light regarding the techniques employed by the suspect to breach the bank’s system and appropriate substantial funds.
The arrest of Duong Minh Tam represents a significant step toward ensuring the security and integrity of the country’s banking infrastructure. It also serves as a warning to potential cybercriminals that illicit activities will be met with swift and decisive action by law enforcement agencies. As technology continues to advance, it is crucial for financial institutions and individuals alike to remain proactive in safeguarding their digital assets and personal information.
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