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AI and digital technology are reshaping the financial and banking sector, while the leadership of Vietnam’s Ministry of Public Security warns that cyber fraud and asset misappropriation are becoming more sophisticated, organized, and increasingly aided by artificial intelligence. The result, officials say, is “fake trust” that is difficult to detect.
Speaking at the forum “Building digital financial trust in the AI era” held on May 12 in Hanoi, Lieutenant General Pham The Tung, a member of the Party Central Committee and deputy minister, said Vietnam’s financial–banking digital transformation is progressing rapidly. He noted that it is creating opportunities for economic growth and for innovating the operating model of the financial system.
With Vietnam targeting high growth, including even double-digit growth in the coming period, the deputy minister said building trust in the digital environment is a foundational factor. He emphasized that “if data is the ‘fuel’ of the digital economy, trust is the ‘soft infrastructure’ that determines the ability to operate the entire financial system.”
Officials said cybersecurity risks in digital finance are becoming more complex as AI and digital technologies advance. The deputy minister stated that earlier risks were mainly concentrated in the technology system, but the risk is now shifting strongly toward the human factor, directly affecting users.
He warned that fraud methods are becoming increasingly sophisticated and organized, and that AI can help create “fake trust,” which is difficult to identify.
Based on these developments, leaders said the approach to digital financial security needs to change—shifting from a “defensive, passive” mindset to “proactively creating trust.” They said a safe digital financial system should not only be one without risk, but also one that protects users, equips them with skills to identify risk, and supports them promptly when incidents occur.
Leaders also highlighted the agency’s core role in protecting national security online, including digital financial security. They said efforts should include proactively identifying and combating high-tech financial crimes and strengthening international cooperation to prevent cross-border crime.
At the same time, the deputy minister stressed that building digital trust cannot be handled by a single agency. It requires coordinated cooperation among government regulators, financial institutions, technology companies, and society.
In particular, the deputy minister underscored the role of citizens in the digital finance ecosystem, saying: “In many cases, people are the weak link, but at the same time they are the first line of defense.”
At the forum, leaders said input from regulators, experts, and businesses would help shape a new approach to digital trust in finance, not only from technological or technical perspectives but also as a national strategic issue.
“When entering the AI era, technology can determine the speed of development, but trust will decide the growth limit. If we cannot solve the trust issue, we will not go far no matter how advanced the technology is,” the deputy minister stressed.
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