In the digital era, cross-border payments have become an indispensable part for businesses, freelancers, and remittance receivers alike. In Vietnam, the international cash flow is growing robustly thanks to the development of import-export, the freelance economy, and the fintech ecosystem. However, alongside the convenience is a concerning reality: risks are becoming increasingly sophisticated and hard to distinguish.

The confusion between the two concepts of "scam" and "process misunderstanding" not only causes panic but also leads to wrongful decisions. Is a transaction incident an intentional scam, or just a misunderstanding due to systems and processes?

Common Types of Scams in International Payments

In Vietnam, international payment scams are booming vigorously. Notably, hackers nowadays prioritize manipulating user psychology over attacking technical vulnerabilities.

One of the most dangerous forms is Business Email Compromise (BEC), where hackers infiltrate or spoof corporate emails to alter payment account information. Just a single "fake CEO" or "supplier account change" email can cause a business to lose hundreds of thousands of USD.

Simultaneously, AI technology is upgrading scam tactics to a new level. Deepfake videos and voice cloning are used to impersonate relatives, partners, or even authorities to create psychological pressure, forcing victims to transfer money.

For individuals and remittance recipients, scenarios like "gifts from abroad," "online romance," or "being investigated for money laundering" continue to be effective traps, preying on trust and a lack of understanding about international financial processes.

Meanwhile, freelancers face more sophisticated scam models such as "job scams" or chargeback fraud, where clients legitimize the act of misappropriation by requesting a refund after receiving the service.

Specific Risks by Target Group

Each user group in the cross-border payment ecosystem faces very different risk scenarios.

For SMEs, the biggest risk does not lie within the banking system but within their own internal processes. A fake email can bypass all security layers if employees do not double-check the payment information through a second channel. This is why BEC attacks often succeed without the need for malware.

Freelancers, on the other hand, face the risk of "losing everything legally." When working with international clients, they rely on international money transfer platforms—where rights often tilt toward the buyer. A dispute or chargeback can cause a freelancer to lose both the money and processing fees, even after completing the work.

Meanwhile, remittance receivers and individuals easily become victims of emotional scam scenarios. At the same time, they also risk losing money when using unofficial money transfer channels like Hawala—where there is absolutely no legal protection mechanism.

Scam or Misunderstanding?

Not every incident in international payments is a scam. In reality, the majority of arising issues stem from system misunderstandings.

A typical example is transferring money through the international banking network. Unlike domestic transactions, money does not go directly from A to B but must pass through multiple intermediary banks. This leads to delays, incurred fees, and sometimes prolonged "pending" statuses.

The most common misunderstanding comes from the fee structure. When using the SHA fee code, the receiver will have to bear the fees from the intermediary bank. This causes the received amount to be lower than expected, easily causing disputes between the two parties.

Additionally, risk control systems like AML and KYC can cause transactions to be frozen if abnormal signs are detected. From a user's perspective, this might be misunderstood as "money being held," but it is actually a mandatory inspection process of the global financial system.

The Legal Perspective: The Role of the State Bank of Vietnam

In Vietnam, foreign exchange transactions are strictly managed by the State Bank to ensure macroeconomic stability.

According to current regulations, transferring money abroad is not completely free but must have a legitimate purpose and clear documentation. This applies to both businesses and individuals, ranging from commercial payments to family allowances or expenses for studying abroad and medical treatment.

These very legal barriers often create misunderstandings. Many people think that banks are "making things difficult," while in reality, they are strictly enforcing regulations. Failing to clearly understand the legal framework not only causes transaction delays but can also lead to risky decisions, such as switching to unofficial channels.

How to Prevent and Handle Risks?

In the context of increasingly complex risks, prevention is no longer an option but a mandatory requirement.

• For Businesses: Establishing a multi-layered verification process is a matter of survival. Any changes to payment information must be confirmed through at least two independent channels. Simultaneously, investing in email security systems and training personnel is indispensable.
• For Freelancers: Proactively choose reputable platforms, limit transactions outside the system, and always keep evidence of your work. Clearly understanding the mechanisms of disputes and chargebacks also helps minimize risks.
• For Individuals: The most crucial principle is not to transfer money based on psychological pressure. Any payment requests related to "gift receiving fees," "customs fees," or "legal verification" must be thoroughly verified.

When an incident occurs, a quick response is the deciding factor. Users need to immediately contact their bank to activate the traceback process or issue a fraud alert. At the same time, reporting to the authorities is necessary to increase the chances of asset recovery.

Correct Understanding to Protect Cash Flow

Cross-border payments are not just a story of technology, but also the intersection of humans, legality, and the global financial system. In that context, clearly distinguishing between scams and misunderstandings is the core competency that helps businesses and individuals protect their assets. Understanding correctly helps you avoid panic; understanding correctly helps you react accurately. And most importantly, understanding correctly helps you maintain trust in an increasingly complex financial ecosystem.

Disclaimer: This article is compiled by FinFan entirely based on the process of researching, analyzing, and synthesizing data from public information sources. The sole purpose of the content is to provide reference knowledge and raise awareness about the cross-border payment market. FinFan disclaims all legal responsibility for any risks or losses arising from the use of information in this article.

Arthur.