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Bank of Thailand Introduces New Measures to Protect Consumers from Cyber Risks in Mobile Banking



Bank of Thailand Introduces New Measures to Protect Consumers from Cyber Risks in Mobile Banking

(CTN News) – The Bank of Thailand recently disclosed new safeguards against cyber threats in mobile banking transactions.

High-value financial transactions, such as digital money transfers of more than 50,000 baht per transaction, transfers of more than 200,000 baht per day, or credit transfers of more than 50,000 baht per transaction, will necessitate biometric scans, such as facial scans.

The central bank announced Thursday that the banks must implement these steps by June.

As the Bank of Thailand governor, Sethaput Suthiwartnarueput, explained, 50,000 baht was selected since it is a common target for scammers.

Consumers may be inconvenienced, but he assured them that the measures would improve the safety of online banking.

The central bank also forbids banks from providing clients’ data over social media to tighten loopholes and reduce fraudsters’ access to consumers via SMS and email.

Mobile banking users limited to one username per device to increase security.

Furthermore, as the Bangkok Post reported, mobile banking users would be limited to a single username per device.

There has been cooperation between the central bank and other government and business agencies to identify potentially fraudulent activities and bank accounts.

The purpose is to reduce losses and prevent fraud with nominee deposit accounts by identifying incidences of fraud more rapidly.

Almost 50,000 instances of online shopping fraud, 20,000 instances of money transfer fraud, 18,000 instances of lending fraud, and 13,000 instances of call center fraud were reported to central banks between March and December 2022.

New cyber-risk measures expected to strengthen cybersecurity in Thailand and protect consumers from financial fraud

A total of 5.5 billion baht was lost in 58,000 cases of fraudulent activity involving nominee deposit accounts.

On Thursday, the Bank of Thailand conferred with financial institutions to discuss preparations for the new cyber-risk measures.

Bangkok Bank and Kasikornbank are willing to strengthen their security systems in response to the central bank’s announcement.

The new regulations are intended to assist in boosting cybersecurity in Thailand and safeguard customers from financial fraud as the government attempts to enforce a new law to avoid technology crimes, especially in the post-Covid time when individuals are having trouble earning a larger wage.

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