MoMo, a financial technology group in Vietnam, has entered into a partnership with iProov to enhance security measures for its users against digital fraud.
iProov is a provider of biometric identity verification solutions.
This collaboration involves the integration of iProov’s Dynamic Liveness technology to improve the security of MoMo’s remote identity verification processes.
The initiative aims to protect customers from sophisticated digital threats, such as deepfakes and digital injection attacks, amid a rise in fraudulent activities driven by generative artificial intelligence (AI).
According to iProov, the financial services sector worldwide is currently experiencing an increase in complex threats influenced by advancements in AI. In response, the State Bank of Vietnam has issued Decision 2345, which requires stronger biometric authentication protocols for online transactions.
iProov founder and CEO Andrew Bud said: “In an era of generative AI, protecting against sophisticated fraud is essential for enhancing user engagement and expanding digital financial services.
“Our Dynamic Liveness technology provides the high level of identity assurance needed to build that trusted ecosystem, enabling MoMo to continue its mission of financial inclusion safely and securely.”
MoMo is said to have integrated iProov’s biometric authentication system to comply with these new regulations and ensure that all transactions and interactions are secure and genuinely human. This move supports MoMo’s mission to uphold user trust and security while providing enhanced financial solutions and services to its substantial user base in Vietnam.
MoMo AI and big data head Pham Kim Long said: “At MoMo, we are committed to advancing financial inclusion through a smart, accessible, and trusted super app. Maintaining that trust is the top priority in every decision we make for our users.
“As digital threats evolve, so must our defenses. Integrating iProov’s industry-leading technology provides an unparalleled layer of security, combating fraud like deepfakes and ensuring our users feel safe and confident in every interaction with MoMo.”
iProov provides science-based biometric identity verification solutions that enable organisations to streamline secure remote onboarding and authentication processes.
The Dynamic Liveness technology employs patented methods to verify the presence and identity of individuals during transactions, offering significant protection against AI-driven threats.
Ensuring a high level of identity assurance is crucial in high-risk environments like financial services to prevent unauthorised access and maintain user confidence in the security of the platform.
iProov caters to governments and enterprises around the world, including the US Department of Homeland Security and the UK Home Office.
Earlier this year, iProov launched Workforce MFA, a device-independent biometric authentication solution certified by the FIDO Alliance. This solution addresses account takeover risks by introducing a strong layer of identity confirmation within the multi-factor authentication process, assisting organisations in averting financial losses and reputational damage.
