Banks still putting pressure on customers: Timo's CEO

Recent news has frequently reported on cyberattacks targeting banks and their customers, with losses potentially reaching millions of dollars per victim.

For years, the question of "Who is responsible?" has been a tug-of-war between banks and users. In the latest episode of "Into the Cyberverse," a cybersecurity podcast sponsored by VinCSS, Jonas Eichhorst, CEO, and Khoa Nguyen, Head of Infrastructure and Chief Information Security Officer (CISO) at Timo Digital Bank, shared their insights.

Jonas Eichhorst (L), CEO Timo, and Khoa Nguyen (R), Head of Infrastructure and Chief Information Security Officer (CISO) at Timo Digital Bank. Photo courtesy of VinCSS

Throughout the program, Timo’s representatives candidly highlighted the typical shortcomings of banks.

For the first time, a bank representative affirmed that banks are still shifting responsibility onto users in many security-related incidents.

Real-life examples were provided.

Some banks worldwide have required users to sign numerous security-related agreements, only to be accused later of system vulnerabilities.

Moreover, many banks continue to use outdated authentication technologies, which are both unsafe and cumbersome for users, such as passwords or one-time-passwords (OTPs).

In Vietnam, Decision 2345, effective July 1, addresses this issue to some extent by mandating that all banks use strong authentication technologies like FIDO or biometrics for certain transactions.

Timo also pointed out the shortcomings of banks in educating users on how to protect themselves and their assets in the digital space.

Many banks still lack adequate and appropriate content and communication methods.

According to Timo's CEO, money is something very emotional, but banks historically have been bad at connecting emotionally with their customers.

"Hence, their way of communicating, guiding, and educating users on how to safeguard their money remains dry," he said.

Timo's representatives said that Timo has various information channels to support users on all security matters.

Notably, Timo has developed a digital character named Tomi, a reliable friend to customers.

Tomi regularly engages in conversations and shares practical topics such as investment knowledge, financial management tips, and online safety precautions, ensuring that customers build a solid foundation of digital asset protection.

Through Tomi, this digital bank communicates with users in a friendly, natural, and highly effective manner.

However, both representatives from Timo emphasized the need for user cooperation in the fight against cybercrime.

Timo's CISO recommended establishing a "Human Firewall," where each user acts as a robust defense line with full awareness of cybersecurity.

To achieve this, alongside the bank's communication efforts, users must also proactively update themselves on the latest cybersecurity news.

See the entire "Into the Cyberverse" podcast episode with Timo here.