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Banks in Thailand to Refund Victims of Credit Cards Scams

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Banks in Thailand to Refund Victims of Credit Card Scams

Banks in Thailand have confirmed that they will return money to victims of unauthorized online cash withdrawals using bank debit cards and credit cards.

The president of the Thailand Bankers Association (TBA), Payong Srivanich, said the bankers association has agreed with all bank members that Thai banks will return money to holders of ATM cards and credit cards, who fell victim to these cases. The Thai banks will return the funds within five working days.

With all cards, banks will cancel suspicious transactions and will not charge cardholders any interest or fees.

Banks will cancel the credit cards used in these irregular transactions and issue new ones for customers free of charge, Mr. Payong said.

From October 1st to the 17th, the online fraud involved 10,700 cards, 5,900 of which are credit cards, for a transaction value of 100 million Thai baht. The remaining 4,800 were ATM debit cards with a transaction valuing approximately 31 million Thai baht.

The Bank of Thailand and TBA also held a joint press conference on Tuesday on further details of the online fraud cases.

Meanwhile, a cybersecurity expert says Digital literacy is a must for bank credit cardholders. These people are seen as the most vulnerable point in the payment ecosystem and targeted as such by cybercriminals.

The Cyber Crime police also indicated that 40,000 people have been found to have lost up to 10 million baht due to unauthorized online withdrawals.

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