iProov tapped to bolster biometric security for Vietnamese unicorn MoMo

UK-based iProov has announced its first partner in Vietnam, with fintech MoMo integrating its biometric liveness detection to safeguard remote identity verification processes against digital identity fraud, including deepfakes and digital injection attacks.

Dynamic Liveness is part of iProov’s patented Flashmark technology and verifies that users are real, present, and correctly identified. The face biometric liveness solution was the first product to be tested and accredited by FIDO Alliance as part of its Face Verification Certification program.

“We are delighted to be selected by MoMo, a leading fintech group in the vibrant Vietnam market, who so clearly prioritizes user trust and security,” says Andrew Bud, founder and CEO, iProov. “In an era of generative AI, protecting against sophisticated fraud is essential for enhancing user engagement and expanding digital financial services.”

MoMo is one of Vietnam’s so-called unicorns and a fintech group that currently serves more than 30 million users.

Southeast Asia is facing an unprecedented surge in fraud and scams, in part driven by generative AI. The United Nations Office on Drugs and Crime estimates financial losses between $18 billion and $37 billion from scams targeting victims in East and Southeast Asia in 2023 alone.

In response, the State Bank of Vietnam issued Decision 2345, mandating stronger biometric authentication for online transactions. Since July 2024, the country’s central bank has mandated financial institutions to implement end-to-end biometric verification for digital transactions. However, bad actors remain active. In June, Vietnamese police arrested a 14-member gang for allegedly laundering VND 1 trillion ($38.4 million) using generative AI to defeat biometric security measures at banks.

In 2020, iProov launched its Security Operations Centre (iSOC), a global threat intelligence system for biometric assurance across all regions to address increasing biometric cyber-crime, the company announced.

In June, the iSOC revealed that it had uncovered a global cybercriminal operation codenamed “Grey Nickel” which targeted banking, crypto exchanges, e-wallets and digital payment platforms in Asia Pacific, EMEA and North America.

Article Topics

biometric liveness detection  |  biometrics  |  deepfake detection  |  face biometrics  |  injection attacks  |  iProov  |  Southeast Asia