AI in cybersecurity: Implications for fintech companies

AI in cybersecurity: Implications for fintech companies

As AI-powered cybercrime rises, fintech firms must fight fire with fire, says Associate Professor Pham Cong Hiep, Deputy Dean of Research and Innovation at The Business School, RMIT University Vietnam.

Vietnam’s fintech sector is experiencing rapid growth, driven by a rise in digital payments, digital banking, and online lending platforms. In 2025, the digital payment market in Vietnam is projected to reach $US101.36 billion according to Statista.

Associate Professor Hiep says the rapid expansion of these digital services and platforms has made them highly attractive targets for cybercriminals. Some emerging threats in fintech are AI-powered phishing attacks, deepfake cybercrime, fraudulent transactions, and identity theft. Cybercriminals commonly exploit generative AI to create fake personalised emails, websites, videos, and even live calls to trick victims into revealing private information.

“AI-powered attacks can be automated, making them even harder for traditional security systems to keep up. As a result, fintech companies in Vietnam must proactively deploy advanced security measures to protect both their operations and customer trust,” says Associate Professor Hiep.

Associate Professor Pham Cong Hiep Associate Professor Pham Cong Hiep highlights AI as a game-changer for cybersecurity in fintech industry. (Photo: RMIT)

How AI can deal with AI-enabled cybercrime 

As Associate Professor Hiep points out, AI is a game-changer for cybersecurity in the fintech industry. AI-driven tools are especially useful in detecting and preventing fraud and securing financial transactions, all of which are critical for fintech businesses in a competitive and rapidly growing market.

Real-time threat detection in digital transactions

Fintech systems generate huge volumes of high-velocity data, from user behaviours and transaction logs to device fingerprints. Using deep learning and big data mining, AI models can uncover subtle anomalies that humans or rule-based systems might miss. For example, if a user suddenly initiates large withdrawals from an unfamiliar device in a different country, evolutionary machine learning model from fintech platforms can flag this as an anomaly and automatically trigger a verification or lockout process. Unlike static systems, these models evolve with data, learning continuously to keep up with emerging fraud patterns.

Fake identity detection

Deepfake technology can now mimic human faces, voices, and behaviours with high accuracy - posing a major risk to eKYC processes. Especially in the fintech sector, identity verification is a crucial step in opening an account, approving a loan, or handling a claim. However, AI that integrates computer vision and deep learning can analyse subtle signs, such as unnatural eye movement, inconsistent lighting between face and background, unnaturally blurred facial features. From there, systems automatically detect fake images and block the verification process in real time. 

Incident response through robotic process automation (RPA)

In the event of a security breach, banking and finance companies must react very quickly to lock accounts, shut down systems, or send alerts. If handled manually, these operations are both slow and prone to errors. AI-driven RPA can help automatically disconnect infected systems, immediately freeze suspicious accounts, urgently notify users and stakeholders, and reduce reaction time during the breach. it happens in seconds, completely without manual intervention, thereby minimising damage to time and money. Unlike manual intervention, RPA ensures consistent and repeatable actions in high-pressure scenarios.

digital privacy illustration There’s an urgent need for AI-embedded strategic vision in fintech companies (Photo: Pixabay)

What fintech companies in Vietnam should do

Building a cybersecurity-first mindset

The first step in safeguarding a fintech company’s digital assets is fostering a cybersecurity-first mindset across the organisation. According to Associate Professor Hiep, this shift in culture requires a cybersecurity strategy to be viewed not only as a technical issue but as a core element of a company’s strategy. This includes training employees at all levels to recognise and respond to cyber threats, from front-line staff to senior executives. Fintech companies should also integrate security practices into their development processes, ensuring that cybersecurity is considered at every stage, from product design to deployment.

Collaboration with regulators and cybersecurity experts

Associate Professor Hiep emphasises the importance of collaborating with regulators and cybersecurity experts to stay ahead of potential threats. Fintech companies must work closely with regulatory bodies, cybersecurity agencies, and third-party security experts to develop and implement best practices for protecting sensitive financial data. Sharing threat intelligence with industry peers and participating in collaborative efforts to tackle cybersecurity challenges can help create a more secure ecosystem for all.

Adopting zero trust architecture 

Fintech companies must consider adopting zero trust architecture (ZTA) to cope with sophisticated cyberthreats. As Associate Professor Hiep explains, ZTA is based on the principle of “never trust, always verify”. This means all users, devices, and network traffic must be authenticated, authorised, and continuously monitored before being granted access to sensitive resources. Even if a device or user is inside the corporate network, ZTA ensures that access is only granted based on strict verification. It is particularly important in an age where cybercriminals use increasingly sophisticated techniques to bypass traditional defences.

“As Vietnam’s fintech sector grows, cybersecurity must keep pace. Using AI for fraud detection, identity checks, and rapid incident response is critical. Moreover, building a security-first culture, working with experts, and adopting zero trust architecture are now essential to protect, trust and drive long-term growth,” says Associate Professor Hiep.

Story: Linh Do

Masthead image: tippapatt - stock.adobe.com

08 May 2025

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