Thai central bank steps up measures against financial fraud


BANGKOK: Thailand's central bank is stepping up financial fraud prevention measures after around 540,000 scam cases with damages worth more than 63 billion baht (about US$1.71 billion) were reported in the past two years.

Nearly 200,000 mule accounts, those used to receive and transfer funds acquired illegally on behalf of others, have been frozen between March 2023 and April this year as part of a crackdown on financial fraud, the Bank of Thailand (BOT) said on Thursday (June 13).

Measures implemented to tackle mule accounts include a thorough sweep of all accounts across banks for any suspicious behavior and strengthening new account opening procedures for high-risk individuals, said BOT Assistant Governor Daranee Saeju (pic).

Additionally, the BOT has mandated banks to offer enhanced digital service security, such as locking transaction limits for online transactions and providing double authorization in transfers, which will be available starting in the fourth quarter of 2024, Daranee told a news conference.

According to a statement, the BOT, along with relevant agencies, will continue to monitor and evaluate the effectiveness of these measures and remain vigilant for new types of threats to bolster public confidence in the digital financial system, a key factor in building a stable and sustainable digital economy for the country. - Xinhua

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