As the Fourth Industrial Revolution and the rapid rise of artificial intelligence (AI) are reshaping the global financial system, digital transformation and the building of digital trust are no longer optional but essential for countries seeking to drive digital economic growth and enhance competitiveness, according to experts.
From financial digital transformation to building digital trust
In Vietnam, digital transformation in the finance and banking sector is accelerating cashless payments, expanding access to financial services, improving market transparency and supporting economic growth and macroeconomic management.
However, increasing digitalisation has also heightened risks related to data security, online fraud, digital financial manipulation and declining user trust. According to the Ministry of Public Security, losses from online fraud in Vietnam exceeded 8 trillion VND (303.7 million USD) in 2025, highlighting growing threats to consumer confidence and the security of the financial ecosystem.
Speaking at the Digital Trust in Finance 2026 forum recently held in Hanoi, Deputy Minister of Public Security Pham The Tung stressed that sustainable growth of the digital economy, particularly in finance, depends on trust. If data is the fuel of the digital economy, trust is the soft infrastructure that enables the entire financial system to function effectively.
The banking sector has been among the leaders in digital transformation, but growing reliance on technology has created new vulnerabilities. Increasingly, cybercriminals are targeting users rather than banking systems themselves, underscoring the need to shift risk management towards protecting customers throughout the digital journey.
Digital financial security
Traditionally, digital financial security focused on protecting technical infrastructure such as servers, payment systems, banking data and networks. Today, users have become the most vulnerable link in the security chain.
Modern financial scams are becoming more sophisticated, such as AI-generated voice impersonation, deepfakes, fake banking applications, fraudulent impersonation of police officers or bank staff, malicious links and remote control of mobile devices. These tactics make it increasingly difficult for ordinary users to distinguish between legitimate and fraudulent activities.
Deputy Governor of the State Bank of Vietnam Pham Tien Dung said digital financial security in the AI era cannot rely solely on firewalls, encryption and intrusion prevention systems. Greater attention must be paid to protecting user awareness, digital behaviour and public trust. Building and safeguarding trust requires effective institutions, technology, risk management and inter-agency coordination.
At the same time, AI offers major opportunities to improve operational efficiency, automate processes, personalise services, enhance credit scoring, detect suspicious transactions and strengthen anti-fraud and anti-money laundering efforts. Advanced AI systems can identify abnormal transactions in real time, automatically block suspicious activities and learn from previous attacks to improve their defences. AI can also support personalised security through unique digital behavioural profiles for individual customers.
Recognising the importance of digital financial literacy, the Government has promoted nationwide digital literacy programmes aimed at helping citizens identify AI-enabled scams, strengthen cybersecurity awareness and develop habits of information verification. Technology companies have also expanded grassroots initiatives to provide digital tools and training for local communities.
Colonel Nguyen Hong Quan, Deputy Director of the Department of Cybersecurity and High-Tech Crime Prevention under the Ministry of Public Security, emphasised that building digital trust requires protecting users, safeguarding the broader ecosystem and establishing effective multi-stakeholder cooperation mechanisms.
As a result, building digital trust in finance is no longer solely the responsibility of the banking, financial or technology sectors, but has become a strategic requirement for the development of Vietnam’s digital economy as a whole, the official underlined.
