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Banking data breaches behind majority of financial fraud in Vietnam

A total of 15,900 cases of financial fraud have been reported this year with 91 percent related to data breaches at banks in Vietnam, VN Express is reporting.  

Why it matters: The recently passed Personal Data Protection Decree requires foreign firms to store the data of Vietnamese users in Vietnam. However, in this context, storing data using local servers could jeopardise the security of said data–there is a clear conflict here between protecting user data and complying with Vietnamese law and it’s not clear how multinationals can effectively balance the two.

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