Duong Minh Tam, a 27-year-old Vietnamese man, has been arrested by police in HCMC for allegedly hacking into a major bank’s system and misappropriating VND10 billion ($424,000).
The arrest came after the bank reported the incident to the authorities in June. Tam is now under investigation for using computer networks, telecommunications networks, the internet, and digital devices to illegally appropriate property.
According to investigators, Tam opened a payment account at the undisclosed bank at the end of last year. He proceeded to download the bank’s app onto his phone and opened an online savings book with a value of VND1 million.
Although the bank’s regulations allowed customers to borrow up to 85% of the savings book’s value, capped at VND2 billion, Tam allegedly manipulated the system and increased the value of his online savings book to over VND51 trillion.
Between May 23 and June 9, Tam made seven withdrawals from the bank’s system, totaling more than VND10.5 billion. While he transferred VND500 million back to the bank, the remaining amount was allegedly misappropriated for personal spending and the purchase of virtual currencies.
Tam confessed to police that he had spent VND6.5 billion for personal expenses and virtual currency investments. The arrest of Duong Minh Tam highlights the ongoing challenge of cybercrime and unauthorized access to financial systems.
Authorities are continuing their investigation into the incident, and the case serves as a reminder of the importance of robust cybersecurity measures to protect against such fraudulent activities.
