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More than 90% of fraud victims on MoMo transferred money to scammers themselves, according to figures shared at the Digital Trust Alliance forum in Hanoi on May 12. The Ministry of Public Security also reported that Vietnamese people lost 8,000 billion VND to online scams in 2025.
MoMo’s CEO, Nguyen Manh Tuong, said the most concerning aspect is the profile of victims: 70% are under 25 years old, and 50% are students under 22.
Tuong described the fraud process as the “89th minute of a 90-minute game.” Attackers typically reach victims through social media, phone calls, and Zalo, gradually building trust and manipulating psychology over days or weeks before requesting a transfer. By the time the victim opens the e-wallet app, they are already under emotional control, and pressing the confirm button becomes the final step in a longer process.
MoMo said this insight prompted a redesign of its AI system. Instead of primarily focusing on detecting unusual transactions and blocking them, the platform adopted an approach Tuong described as “accompanying good users to avoid mistakes.”
Under the new approach, the system does not attempt to judge whether a transaction is valid. It instead aims to create the right moment to pause, using smart alerts or timely questions to interrupt the manipulated state and help users recognize that they are being guided.
MoMo said the system processes each transaction within 300 milliseconds, analyzing millions of behavioral signals from devices, networks, and user history using three-layer models: a multi-point biometric FlashMark, AI Risk Scoring, and a Graph Network.
Initial results cited by MoMo include:
Tuong acknowledged that MoMo still misses many victims. He attributed this to fragmented data signals across platforms and industries, while attackers operate across social networks, telecommunications, and finance without regard to corporate boundaries.
He also noted a timing challenge: after a transaction occurs, scammers typically cash out within 30 minutes, while investigations and account freezes can take days. Because of this, Tuong argued that a single-layer defense is inherently limited.
MoMo said it is pushing for a platform-wide, real-time risk-signal sharing alliance among fintech, banks, telecoms, and e-commerce. The initiative is summarized with the motto: “One report, a million protections.”
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