Banks to terminate over 86 million accounts starting from September 1st
In a bid to enhance the security of the digital banking system and combat fraud, the State Bank of Vietnam (SBV) has announced plans to delete over 86 million inactive bank accounts starting from September 1, 2025.
The decision comes as part of the ongoing efforts to address common fraud schemes such as fake accounts, unauthorized withdrawals, and money laundering via digital banking channels. The current number of bank accounts in the country stands at approximately 200 million, with only 113 million valid personal accounts after the implementation of biometric authentication requirements.
The SBV's action is focused on improving the security of the banking system, targeting fraudulent activities like those mentioned above. More than 711,000 organizational accounts are still valid, while more than 86 million bank accounts have not been biometrically authenticated or have been 'frozen'.
The deletion of these accounts is a system cleanup measure, with commercial banks being the entities responsible for carrying out the account deletion as per the SBV's instructions. The move is a response to recent fraud schemes in the banking system and is expected to significantly reduce the number of fraudulent activities.
It's worth noting that there seems to be a misunderstanding or a mix-up in the timeline of events, as there were no account deletions reported in 2022. The SBV's action in 2025 is part of the banking sector's ongoing efforts to enhance financial security and compliance.
Without additional information or specific details about actions taken in 2022, it's challenging to provide a precise reason for any account deletions that might have occurred then. If you have more context or need information on the current banking policies in Vietnam, please let us know.
The SBV's decision to delete over 86 million bank accounts is a significant step towards improving the security and integrity of the banking system, ensuring a safer and more secure digital banking environment for all users.
AI could potentially be used to analyze the historical data of these frozen bank accounts, identifying patterns that might indicate links to fraudulent activities within the finance and business sector, with a focus on technology.
To further increase the efficiency of the banking system and combat potential future crimes, there may be opportunities for the use of advanced technology solutions in verifying and authenticating account holders.
