# Bank of Thailand set to enhance cybersecurity protocols

- Link: https://www.thailand-business-news.com/banking/184546-bank-of-thailand-set-to-enhance-cybersecurity-protocols
- Published: 2025-01-02T09:21:14+07:00
- Author: J. Allan

The Bank of Thailand (BoT) is poised to implement enhanced mobile banking security
measures aiming to improve the transfer system. These measures will include stricter
authentication protocols, real-time fraud detection mechanisms, and increased user
awareness campaigns to ensure safer transactions.

## Key takeaways

 * The Bank of Thailand plans to impose daily transfer limits for vulnerable groups,
   such as teenagers and the elderly, to enhance mobile banking security.
 * Advanced biometric technologies, including facial recognition, will become mandatory
   for high-value transactions to strengthen fraud prevention.
 * Mobile banking apps must implement anti-malware safeguards and cease functioning
   on jailbroken or outdated devices to mitigate cybersecurity risks.

Some new measures will include capping daily transfer limits for specific groups
such as teenagers and the elderly to a maximum of 50,000 baht.

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According to a source from the Thai Bankers Association, the BoT recently concluded
public consultations on proposed regulatory amendments to bolster financial services’
security. 

These changes are designed to address vulnerabilities in mobile banking by imposing
stricter controls on outgoing transfers via mobile apps.

## What will be the new measures?

Under the proposed measures, account holders under 15 or classified as elderly will
face daily transfer limits. 

These restrictions are intended to protect individuals deemed more susceptible to
manipulation or fraud, particularly in cases where scammers coerce them into transferring
money.

In addition to limiting transfers for vulnerable groups, banks will be required 
to integrate advanced security features, including facial recognition and biometric
forgery detection.

These technologies will become mandatory for transactions exceeding 50,000 baht 
in a single transfer or a cumulative 200,000 baht in one day.

The BoT also plans to mandate anti-malware and anti-hacking safeguards for mobile
banking applications to prevent data breaches and ensure customer safety. 

Furthermore, mobile banking apps will no longer be allowed to operate on jailbroken
devices or phones running outdated operating systems, as these are considered high-
risk platforms for cybercriminals to exploit.

The source revealed that the BoT is expected to announce these measures later this
month. 

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Non-bank service providers under BoT regulation will also need to align with these
standards by the first quarter of the year.

To address concerns about accountability in fraudulent transfers, regulatory authorities
are exploring frameworks inspired by Singapore’s Cyber Security Agency. 

The proposed changes would hold institutions jointly liable for losses caused by
system flaws, ensuring banks are not solely burdened with responsibility.

The amendments will also introduce stricter penalties for individuals or entities
involved in selling customer data, a critical issue that leaves consumers exposed
to scams.