The Bank of Thailand introduced new measures to guard consumers from cyber risks in cell banking transactions. Biometric scans, similar to facial scans, might be required for high-value transactions, including digital money transfers of over 50,000 baht per transaction, transfers over 200,000 baht per day, and credit score transfer quantities of over 50,000 baht per transaction. Banks should undertake these measures by June, the central bank mentioned on Thursday.
Bank of Thailand governor Sethaput Suthiwartnarueput stated the quantity of 50,000 baht was chosen as a outcome of it is a frequent target of fraudsters. While the measures may inconvenience consumers, they’ll improve security for digital banking transactions, he added.
The central bank also aims to close loopholes and curb fraudsters’ access to shoppers by banning monetary institutions from sending links via SMS and email, in addition to prohibiting banks from sending customers’ private data via social media.
In addition, cell banking users will solely be allowed to use one username per system, Bangkok Post reported. The central bank has collaborated with associated organisations in the authorities and personal sector to detect suspicious transactions and deposit accounts. The goal is to detect fraudulent instances extra rapidly, reducing losses, and preventing nominee deposit account fraud.
According to central bank information, there have been roughly 50,000 cases of on-line buying fraud, 20,000 instances of cash transfer fraud, 18,000 instances of lending fraud, and 13,000 circumstances of name centre fraud between March and December 2022. There were additionally 58,000 instances of nominee deposit account fraud, with a complete reported loss of 5.5 billion baht.
Well respected of Thailand held discussions with monetary institutions on Thursday to organize for the model new cyber-risk measures. Bangkok Bank and Kasikornbank have both said their readiness to upgrade their safety systems in line with the central bank’s announcement..