Thai banks to upgrade online security

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Remember, no matter how secure Thai banks can be, in Thailand if you fall for some sort of scam and lose money as a result, you're on your own. Thai banks do not reimburse such losses.

Thai bank accounts are insured up to one million baht, but don't misunderstand what that means. That has nothing to do with such losses. Your account is insured only if the bank goes out of business. The account is insured for nothing else.

Banks have been known to reimburse losses if it can be proved that the loss was the fault of the bank. That is not exactly easy to do. Does anyone really need me to explain what you have to go through to prove it, how much you would have to spend to prove it, whether if even then the bank will accept responsibility, or how long it would take before you actually get your money back?

If you are careful and just delete unexpected Emails without even opening them, text messages, or shut off any telephone calls supposedly coming from banks, you and your money should be fine. Believe me, Dr. Mwenene Bokamumba from Nigeria is not going to put 20-million dollars into your bank account . . .

Miller: "You don't trust anybody, do you?"
Stavros: "That is why I have lived so long."
- David Niven (Miller), Anthony Quinn (Stavros), 'The Guns of Navarone'
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Thai Central Bank issues new measures to deal with online banking scams

March 9, 2023

The Bank of Thailand (BoT) has issued a new set of measures, to be implemented by commercial banks, in an effort to deal with mobile banking scams, including biometric identity verification for transfers of more than 50,000 baht, a ban on the sending of SMSs containing URLs and daily limits on money transfers.

BoT Governor Sethaput Suthiwartnarueput said today (Thursday) that the new measures are necessary in the wake of increased online banking scams, which have caused bank customers heavy losses and affected their confidence in digital banking.

One of the measures requires all commercial banks to stop sending short messages (SMS) or e-mails with links requesting their personal information, such as usernames, passwords or ID card numbers, said the BoT governor.

Another measure is for all commercial banks to limit mobile banking usernames for customers and the bank must notify their mobile banking users every time they undertake a transaction.

Banks are required to strengthen their identity verification through the use of biometrics, such facial recognition, when a customer wants to make online transfer of more than 50,000 baht or to increase the daily transfer limit to above 50,000 baht.

Banks are required to report any suspicious online transactions to the Anti-Money Laundering Office and to be equipped with a system that can detect suspicious transactions around the clock, so that they can immediately take action.

Additionally, Sethaput said that all commercial banks must have an emergency channel through which their customers can contact the bank when they suspect that their accounts have been breached by scammers.

He said that he expects all the measures introduced by the central bank to be implemented by commercial banks this month.

https://www.thaipbsworld.com/thai-centr ... ing-scams/