Concerns about cybersecurity are escalating in Vietnam as recent data reveals that over 2.3 million bank cards have been leaked globally, with a staggering 95% remaining valid and vulnerable to exploitation.
This alarming trend has prompted banks in Vietnam to take serious measures to safeguard customers' financial information and online transactions.
The increasing prevalence of cybercrime and sophisticated financial scams has made the protection of bank accounts and cards a top priority for credit institutions in the country. Initiatives include a range of cybersecurity insurance packages that offer financial security against online risks, which can cover losses of up to 100 million Vietnamese dong (about $4,200) each year if customers fall victim to cyber threats.
According to cybersecurity experts, the proactive implementation of these insurance plans comes at a crucial time. In the 2023-2024 period, it's estimated that 2.3 million bank cards worldwide have been compromised. Furthermore, with 95% of the leaked cards still valid, the potential for financial fraud is alarmingly high.
While financial institutions are working to integrate cybersecurity measures into their services, experts emphasize that user awareness and behavior play an essential role in mitigating risks associated with cyber threats.
“It’s vital for users to remain vigilant against phishing scams through phone calls, emails, or texts requesting personal information like OTP codes or CVV numbers through unofficial channels,” cautions Nguyen Minh Tuan, a cybersecurity analyst at Bkav. “Cybercriminals often exploit the carelessness and lack of knowledge of users to execute fraudulent schemes and steal banking information.”
To counter this emerging danger, users must stay informed about warnings from their banks, avoid participating in questionable transactions, and always verify information requests through official banking channels.
In addition to being vigilant against online scams, customers are encouraged to proactively protect their personal information. This includes routinely changing passwords, enabling security measures like two-factor authentication (2FA), and meticulously checking transactions before approval. Maintaining these practices will help ensure that account information remains secure against potential cyberattacks.
Banks advise clients to utilize only official and safe electronic banking services to avoid risks associated with counterfeit websites or unknown applications.
The State Bank of Vietnam (NHNN) has also invested substantial efforts to enhance security within the banking sector. The NHNN has mandated that financial institutions can only open online accounts if users provide verification using chip-embedded identification cards. This step aims to curb the emergence of fraudulent accounts and mitigate financial crime risks.
Starting from July 1, 2024, a new regulation will also require facial biometric verification for all transactions exceeding 10 million Vietnamese dong (approximately $420) or cumulative transactions above 20 million Vietnamese dong ($840) per day. This move is a significant advancement in preventing fraudulent activities before they occur.
Moreover, recent statistics from Bkav indicate that a significant number of Vietnamese organizations face increasing cybersecurity threats. Bkav claims that 60% of businesses lack adequate security solutions. This statistic not only reveals a concerning gap in corporate cybersecurity measures but also reflects the challenges faced by companies as they struggle to upgrade their digital defenses.
According to Bkav, millions of new virus samples emerge daily, underscoring the urgent need for businesses and organizations to enhance their cybersecurity measures. Ransomware and Advanced Persistent Threats (APT) pose significant threats that can stealthily infiltrate and damage systems at critical moments.
“Most organizations we assist after suffering virus attacks do not have appropriate antivirus software in place or rely on foreign software without local expert support,” states Nguyen Dinh Thuy, Head of Malware Research at Bkav. “This situation amplifies the risks, and as viruses become more sophisticated, the basic antivirus features found in operating systems fall short of providing adequate protection.”
The financial ramifications of inaction are significant, as demonstrated by Vietnamese firms facing devastating losses due to cyberattacks. For instance, one company reported losses exceeding 100 billion Vietnamese dong ($4.2 million) within just a day of a ransomware attack, while another faced claims of losses up to 800 billion Vietnamese dong ($33.6 million).
Cybersecurity Ventures estimates that by 2024, cyberattacks could cause damages of approximately 9.5 trillion USD worldwide, impacting economies significantly.
In light of these serious threats, experts emphasize the importance of not viewing this situation lightly. “The visible losses are just the tip of the iceberg,” cautions Thuy. With ransomware and APT threats lurking within many systems in Vietnam, organizations must heighten their cybersecurity awareness, conduct thorough vulnerability assessments, and implement stronger preventive measures,” advises a Bkav expert.
As cyber threats become ever more prevalent and malicious, the onus is on both financial institutions and users to take proactive steps to safeguard sensitive information and maintain security in the increasingly tech-driven landscape.
