FPT IS pioneers in technology solutions to prevent financial crimes
At a high-level forum on Digital transformation in Banking industry (Smart Banking 2022), FPT IS has introduced a number of key digital solutions in preventing financial crimes, equipping companies with an effective “shield” against attacks.
Risk of increased financial crimes in Vietnam
On October 12, a high-level forum on Digital transformation in Banking industry (Smart Banking 2022) has been organized to discuss the current situation and solutions regarding financial crimes. Speaking at the event, Mr. Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam, says, despite initial achievements in the synchronous implementation of digital transformation solutions, strategies and plans, the banking industry is still facing multiple challenges. Particularly, globally increased high-tech crimes with sophisticated tricks has been raising serious concerns of banks on cybersecurity and information safety.
Delivering a presentation on “The power of technologies to prevent financial crimes in the digital era”, Mr. Vu Minh Tuan, Deputy Director of the Consulting Center of the Finance-Banking Sector, FPT Information System Corporation (FPT IS), says Vietnam’s banking industry has been showing remarkable progress in digital transformation. However, this also creates opportunities for financial fraud and financial crimes to escalate, meanwhile, with limited security systems, it is getting difficult for banks to prevent and resist risks. In 2022, Vietnam ranks second in Asia in terms of the number of ransomware, an increase of 200% compared to 2020, and ranks first in suspected criminals using fake national IDs for verification, accounting for 12.9% on global scale.
Mr. Vu Minh Tuan emphasizes adopting technology is the key to solve the problem of financial crimes.
Accompanying Finance and Banking companies for nearly three decades, FPT IS has been conducting in-depth research and analysis, thereby deeply understanding companies’ “pain points”. To tackle the problem to its core, technology is the key to help detect sophisticated fraud methods and prevent financial crime before it happens. With in-depth technology knowledge and competent specialists, FPT IS has been pioneering in solutions to prevent fraud and money laundering activities, the tricky problems in today’s financial transactions. According to FPT IS, companies should not adopt separate solutions, in fact, they need to develop an overall picture of processes, people, and technology systems, creating a solid and multi-layered “shield” to protect themselves against unauthorized intrusion.
Digital technology to prevent money laundering and financial fraud
Regarding the matter of anti money laundering and fraud (AML&Fraud), FPT IS has been researching, developing and providing multiple digital solutions to help banks and financial institutions consolidate their defenses. The Company has been cooperating with the world’s leading technology firms providing AML&Fraud solutions such as Oracle, GBG, etc. and is a leading company in Vietnam to develop solutions on eKYC, digital verification, anti-forgery of national ID cards, as well as other outstanding safety and security solutions.
Regarding digital verification, FPT IS has been developing and providing multiple optimal solutions, including FPT Digital Onboarding platform, and Anti-fraud solution for digital identity verification – FPT.IDCheck. FPT Digital Onboarding is a combination of eKYC and information verification and cross-checking solutions developed based on advanced technologies (AI, BPM, Open APIs, etc.). FPT Digital Onboarding allows users to reduce costs and time by automatically handling the process of opening payment accounts, registering for credit cards, etc. on transaction channels.
FPT IS presents FPT.IDCheck solution to senior leaders of the Government and the State Bank.
Besides, FPT.IDCheck allows users to conduct verification of chip-based ID card and face recognition with 100% accuracy, based on ISO 30107-3 compliant anti-identity fraud AI technology. FPT.IDCheck helps companies completely eliminate risks of identity fraud in transactions, saving a huge amount of costs and transaction processing time, enhancing automation and competitiveness for companies in various sectors.
In addition to FPT Digital Onboarding and FPT.IDCheck, the ecosystem of Made-by-FPT-IS security solutions also features Penetration testing service (FPT.EagleEye Pentest), PCI DSS consulting, assessment and certification service, Managed security operations center (FPT.EagleEye mSOC), etc. The ecosystem has been increasingly optimized, capable of responding to and completely handling any security problem, especially money laundering and identity fraud crimes.
In the coming time, in response to the Government’s National Cybersecurity and Safety Strategy in proactively handling cyberspace challenges in the period of 2025 ~ 2030, adoption of financial crime prevention solutions will be promoted, helping banks secure their positions in the market, enhancing reputation, as well as developing a decent banking industry/financial sector for the country.
