Deepfake Identity Risks and Its Financial Impact in Vietnam's Digital Era

Abstract

In Vietnam’s fast-growing Fintech world, digital identity systems have become the backbone of secure online financial services. But with the rise of deepfake technology - AI-generated fake videos and voices—these systems are facing new and serious challenges. Deepfakes can trick even advanced security checks, leading to identity theft and financial fraud that can cost people and businesses dearly. While Vietnam has made great strides in building digital ID infrastructure and laws, there are still gaps in technology, legal protection, and public awareness that criminals can exploit. This paper looks closely at how digital identity works in Vietnam’s Fintech sector, explores real cases of deepfake fraud, and discusses why current systems aren’t enough to stop these threats. It also offers practical ideas for how the government, Fintech companies, and everyday users can work together - through better laws, smarter technology like multi-factor authentication and deepfake detection, and stronger digital education - to protect people and build trust in the digital economy. Only by joining forces can Vietnam create a safer, more reliable digital identity system that supports the country’s ongoing digital transformation.