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MoMo always actively coordinates, supports the review and provides information on transactions with signs of violations, helping the police promptly detect and arrest criminals.
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| MoMo, a financial application familiar to mobile users |
Recently, the media reported that Bac Giang Police completed the investigation and proposed to prosecute a number of defendants in a gambling ring using MoMo transaction codes. This is a case that Bac Giang Police cracked down on since December 2022.
In this case, MoMo actively cooperated and supported Bac Giang Provincial Police to review and provide information on transactions with signs of violations, helping the police promptly detect and arrest criminals. This is an issue that needs to be clearly understood, showing the efforts of businesses when working with authorities to prevent crime.
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MoMo representatives actively participate in forums to prevent cybercrime |
In 2022, MoMo also coordinated with 318 central and local police agencies and units, providing information in more than 1,500 investigation cases, which was highly appreciated by the above agencies and units. MoMo was honored to receive letters of thanks and certificates of merit from the police agencies of Bac Giang, Binh Duong, Lang Son, Nghe An, Ha Tinh, Quang Nam, Kon Tum provinces...
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Mr. Nguyen Ba Diep, co-founder of MoMo |
According to Mr. Nguyen Ba Diep, co-founder of MoMo, to help prevent online gambling, MoMo has invested in researching many technological solutions, along with more than 100 experts and engineers, at a huge cost of up to tens of billions of VND in more than 1 year from December 2021 to February 2023. This is a very challenging problem because criminals rely on the money transfer transaction code of the e-wallet to gamble, if canceled, it is impossible to distinguish the types of transactions, and it is impossible to check the transactions on the entire system.
In February 2023, MoMo changed its business process and upgraded the MoMo application to version 4.0.16. In this upgrade, the application will display the transaction code to the sender before making the transaction, instead of displaying it later as before. At the same time, MoMo has integrated v-key technology (https://www.v-key.com/) into the system to prevent gamblers from using emulators to access the application and automatically scan transaction codes for betting purposes. Thereby, MoMo recorded that most large-scale odd-even betting gambling activities have been basically prevented and eliminated.
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MoMo always has technology development programs. |
The company is also testing many new technologies such as facial recognition, fraud detection through AI, Big Data to improve the efficiency of customer identification and authentication. However, bad actors still have many ways to take advantage of e-wallets to commit illegal acts, such as using identities, documents and bank accounts rented or borrowed from people to create many e-wallet accounts, making it difficult to verify violations.
“MoMo has recommended to management agencies to allow payment intermediary businesses and e-wallets to connect with the National Population Database managed by the Ministry of Public Security to help with electronic identification and user information authentication quickly and accurately, contributing to screening and preventing suspicious accounts and transactions, increasing the effectiveness in preventing and combating technological crimes,” Mr. Nguyen Ba Diep shared.
To protect users and prevent crime, MoMo has implemented the identification and management of user accounts in accordance with the law and the State Bank. Specifically, 1 citizen identification card/identity card (CCCD/CMND) can register 3 MoMo accounts. However, 1 phone number can only register 1 MoMo account. To be able to use MoMo, users need to use CCCD/CMND to verify that the information matches the phone number and bank account.
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MoMo with many utilities in life |
According to the State Bank's regulations, the spending limit for e-wallets is 100 million VND/month. If a user has 2 or 3 phone numbers registered with 1 CCCD/CMND, the total limit in 1 month for all accounts is only 100 million VND. This is something that users of MoMo services need to know and understand clearly.
Through its efforts and achievements, MoMo affirms its commitment to providing and operating safe and healthy payment intermediary services in accordance with the direction and guidance of the Government and the State Bank of Vietnam.
"In the fight against online gambling and harmful information on the Internet, we request and hope that the authorities will continue to support us to improve the effectiveness of preventing and combating law violations, recommend investigating and strictly handling gambling cases as mentioned above to deter and warn the general public, while protecting stable business operations, protecting the rights and legitimate interests of users and businesses," said Mr. Nguyen Ba Diep.
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