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

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Aseanplus News

‘The customer is not always right’: Japan fights growing scourge of customer harassment
Singapore navy frigate RSS Stalwart taking part in naval warfare training exercise off Hawaii coast
Indonesia restores 86 public services after recovering from cyberattack on its National Data Centre
Thai regulator accuses top renewable energy firm CEO and deputy of fraud
Man found drowned in hotel pool during birthday celebration, five arrested
Trump shooting: Reactions from world leaders
Umno’s Dr Akmal Saleh slams Lokman Noor’s accusations against him on Sg Bakap polls
Soccer-Japan's Sugawara joins Southampton
Philippines logs US$4.83bil in tourism revenue in first half of 2024; up 32.81 per cent from same period last year
Five people arrested for smuggling firearms in eastern Myanmar

Others Also Read