Online fraud has continued to be rampant in 2024, causing a total financial loss of over US$744 million to smartphone users, with the most popular scam being fake investment solicitation, the National Cyber Security Association has warned.

The association on Monday released their Cybersecurity Survey Report 2024 revealing that hundreds of thousands of cellphone users have fallen victim to online fraud this year.

The report was prepared based on data collected from an online survey that received 59,000 participants.

In 2024, one in 220 smartphone users in Vietnam was a victim of cyber scams.

The total financial losses are estimated at VND18.9 trillion ($744.3 million).

The association cautioned citizens that even with a large number of victims, it is still challenging to recover losses, the report said.

According to the survey results, 88.98 percent of the respondents said they immediately notified their family and friends of their loss to scammers, but only 45.69 percent of the victims reported their cases to relevant agencies.

Timely reporting of fraud to authorities is essential to protect victims' rights and interests and to prevent further crimes, said experts from the association.

Cyber fraud reports will enable authorities to promptly gather information for investigations and evidence collection, thereby enhancing the ability to catch and handle fraudsters and increasing the chances to recover a part or even all the losses for victims.

Reporting also helps authorities build a database of scam and fraud tactics for use in providing necessary recommendations to the public.

Scammers employ various sophisticated methods to target victims. The three most common types of scams in 2024 include luring victims to join bogus investment schemes, cheating victims by impersonating competent authorities, and enticing victims to take part in false prize and promotion programs.

The report revealed that luring victims to join fake investments is the most popular method.

According to the survey, 70.72 percent of the respondents reported receiving offers to invest in unknown financial platforms promising high, risk-free returns.

Meanwhile, 62.08 percent encountered fraudulent calls from individuals impersonating authorities or organizations -- such as police, tax offices, or banks -- pressuring them to transfer money to 'prove their innocence.'

About 60.01 percent received vague and suspicious notifications about large prizes or promotions.

In addition to sophisticated scenarios, swindlers have used advanced technologies, such as AI-powered deepfake videos and voice impersonations, to gain victims' trust.

Chatbots are also being leveraged to imply continuous communication and specialized software to make mass phone calls, targeting multiple victims simultaneously.

This high-tech approach makes it difficult for victims to distinguish between real and fake content.

Vu Ngoc Son, head of the association’s technology committee, urged people to be vigilant in cyberspace, avoid sharing personal data with strangers or unreliable services, verify any calls or messages relating to money transfers, and use its nTrust app to filter out and block scam phone numbers or harmful websites.

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