Thai Bankers Association (TBA) assures safety of mobile banking apps; warns against online scams and illegal activities.
- The Thai Bankers’ Association has reassured the public that banking applications are secure and stable. They emphasized the importance of facial scanning for transactions exceeding 50,000 baht to prevent fraud.
- Fraudsters attempted to bypass facial recognition in banking apps by gaining access to personal data and using “mule accounts” to facilitate money transfers.
They reaffirmed that transfers over 50,000 baht still require facial recognition verification, and that all banks prioritize user security by continuously investing in and enhancing security measures. The association also acknowledged the increasing complexity of financial threats and is working closely with relevant agencies to establish more effective risk prevention and management guidelines.
The TBA has issued a statement confirming the security and safety of their mobile banking applications in response to recent news of a programmer claiming to have developed software enabling unauthorized money transfers and bypassing biometric scanning features.
The Computer Emergency Response Team has conducted thorough system checks and confirmed that the software in question cannot be used with customer accounts without the account owner’s personal information and identity verification through facial scanning, PIN number, and one-time password.
Measures to Protect Against Online Scams and Fraudulent Activities
With concerns over “mule” accounts and online scams, the TBA offers advice on protecting oneself, including advice on downloading programs only from certified and controlled sources, not sharing banking credentials, avoiding face scanning with unknown applications, and not selecting links sent via SMS.
Additionally, the Technology Crime Suppression Division has detained an insurance broker allegedly involved in selling customer information to online scammers, leading to a suspension of his broker’s license by the Office of the Insurance Commission.
About the author
Thailand Business News covers the latest economic, market, investment, real-estate and financial news from Thailand and Asean. It also features topics such as tourism, stocks, banking, aviation, property, and more.
