Viet Nam Wakes Up to Wave of Identity Theft and Financial Crimes Amidst AI and Deepfake Technological Onslaught

Alarming Surge in Identity Theft and Financial Crimes in Viet Nam

According to a new report by identity verification solutions provider, Mitek Systems Inc., Viet Nam is experiencing an alarming surge in identity theft and financial crimes. Index 2024 highlights Generative AI and deepfake technology as the main instigators, fuelling a tidal wave that threatens to swamp the country’s financial services industry.

Financial Institutions Under Siege

Mitek Systems Senior Vice President for Identity, Chris Briggs, stated, “Financial institutions in Viet Nam are under siege. The digital landscape is fraught with peril, as financial services organizations grapple with a growing and sophisticated fraud landscape, including AI-generated fraud and deepfakes on a global scale” [1]. With the evolving risks, we must mobilize governments, businesses, and technology to protect consumers online.

Identity Threats Facing Viet Nam

The report outlines several identity threats facing Viet Nam, namely money laundering, account takeover, and forgeries. A growing number of fraudsters are adopting Generative AI and deepfake technology to mimic identities, bypassing traditional security methods [1]. The financial services sector is faced with a daunting challenge in keeping up with these constantly evolving threats.

Response to Identity Thefts and Financial Crimes

The use of biometric information, such as facial recognition, has become increasingly popular among fraudsters to perpetrate identity thefts. In response, financial institutions in the country are investing heavily in advanced identity solutions to strengthen their security posture [1].

Global Concerns

The emergence of identity theft and financial crimes is not just a Vietnamese concern but a global issue. Organizations worldwide are grappling with sophisticated fraudsters using advanced technology to manipulate data and bypass security protocols [1]. In an age of digital transformation, it becomes essential for governments, businesses, and technology solutions providers to collaborate to safeguard consumers and their digital identities.

Conclusion

Briggs concluded, “With the rise in digital fraud and the evolving threats, it is crucial for all stakeholders to unite and innovate together to ensure a secure digital future for consumers everywhere” [1].

Implications for Financial Institutions

As financial fraud continues to grow in Viet Nam and around the world, it becomes increasingly necessary for financial institutions to leverage advanced identity verification solutions. Mitek’s Identity Intelligence Index 2024 underscores the importance of staying informed and prepared to face the challenges of an ever-evolving digital landscape [1].

[1] Mitek Systems Inc. “Index 2024: Identity Fraud Trends and Best Practice Strategies for 2024.” Mitek Systems, Inc., www.miteksystems.com/identity-fraud-report, 2023.