On March 9th, 2023, the Bank of Thailand (BOT) announced additional measures to combat fraud in online banking.
As more and more people shift towards online banking, the risks of fraudulent activities also increase. Therefore, the BOT has taken proactive steps to ensure the safety and security of online banking transactions.
All commercial banks must discontinue, as part of one of the steps, sending short messages (SMS) or emails with links asking recipients for personal information such usernames, passwords, or ID card numbers.
Detect suspicious transactions
Banks must have a system in place that can detect suspicious transactions round-the-clock and notify any such transactions to the Anti-Money Laundering Office so that they can take appropriate action.
This system will be capable of analyzing large amounts of data and detecting any suspicious transactions in real-time. The system will use advanced algorithms and machine learning techniques to identify patterns of fraudulent activities, such as unusual login attempts, multiple transactions to unfamiliar accounts, and large sums of money transferred to offshore accounts.
Tightened security for transfer of more than 50,000 baths
When a customer wants to make an online transfer of more than 50,000 baht or to raise the daily transfer cap to more than 50,000 baht, banks are also required to tighten their identity verification through the use of biometrics, such as facial recognition.
The BOT has also announced the formation of a Cybersecurity Task Force to coordinate efforts in combatting online fraud. The task force will work closely with banks and financial institutions to share information and best practices to prevent cyber-attacks and mitigate the risks of online fraud.
