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Bank of Thailand Warns Over Rising Online and Digital Fraud

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Thailand’s Central Bank has warned consumers to be cautious of giving out personal information online due to online fraud. The Bank of Thailand reports online fraud as incidents have been on the increase because of the pandemic pushing people towards online shopping.

The Bank of Thailand raised the alarm as online money scams have begun to surge. More and more people are desperate for money due to the pandemic. The regulator reports digital fraud can take many forms. Including SMS messages; or via the Line app; Facebook; digital lending apps and through smartphones.

The Bank of Thailand’s assistant governor for payment system policy and financial technology, Siritida Panomwon Na Ayudhya said the Central Bank cooperates with other regulators to monitor and prevent online fraud.

The regulator is warning people to be wary of information that tries to trick users into carrying out financial transactions. People should scrutinize any transactions by rechecking with financial institutions directly.

Ms. Siritida told the Bangkok Post consumers should not share their personal information, data and or documents with others. Furthermore, The Bank of Thailand is cooperating with Banks to inform consumers about cases of fraud.

The regulator plans to collaborate with banks and financial institutions to promote financial security as a way to combat online fraud.

Ms. Siritida also said The Bank of Thailand has approved financial institutions offering digital loans to allow consumers to access financial sources more readily. She said present cybersecurity systems are sufficient and secure to provide digital loan services under central bank licensing.

People applying for digital loans can now do so without visiting a bank branch for proof of identity.

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