MoMo, a Vietnam-based fintech group and iProov, a science-based biometric identity verification solutions company have announced a strategic partner to fight against digital fraud. The new collaboration reinforces MoMo’s commitment to user trust, offering a high level of security for its remote ID verification processes. At the same time, MoMo aims to protect its customers from the constantly evolving and ever-sophisticated digital identity fraud attacks, including deepfakes and digital injection attacks.
The current state of digital fraud in Vietnam
As with the rise of generative AI, it has become increasingly difficult for authorities and fraud fighting companies to identify and eliminate digital fraud. In response, the State Bank of Vietnam has issued Decision 2345, which mandates strong biometric authentication for online transactions. To proactively meet new regulations, MoMo has partnered with iProov and integrated its biometric authentication solution with its Dynamic Liveness to ensure each transaction is secure and made by a genuine human person.
iProov’s Dynamic Liveness solution is equipped with a new technology that provides high defence against the most advanced types of digital and AI fraud. The system verifies the actual presence of a human person and not a photo, video, or deepfake presented to the camera. In high-risk industries such as financial services, this technology is paramount for preventing fraudulent transactions, protecting users accounts from unauthorised access, or ensuring a customer’s high level of trust in the platform’s security.
MoMo is committed to delivering advanced financial inclusion through a smart and accessible super app. Maintaining the app’s trust level is also crucial for the fintech, which will be strengthened through the partnership with iProov. By leveraging iProov’s industry-leading tech, MoMo will combat AI-driven fraud, including deepfakes.
Additional details about MoMo and iProov
MoMo currently serves 30 million users and hundreds of partners across Vietnam, accelerating the country’s digital economy and playing an important role in driving financial inclusion. The company is one of Vietnam’s four fintech unicorns, with a mission of improving the everyday life of people through smarter, safer, and affordable financial solutions.
iProov provide biometric solutions that allows organisations to streamline secure remote onboarding and authentication for both digital and physical access. Its proprietary technology offers resilience against gen AI threats, deepfakes, and other types of digital fraud. The company’s solutions are trusted by governments and financial institutions worldwide, including ING, UBS, and the US Department of Homeland Security.
