Thailand’s Central Bank Takes Aggressive Stance Against Financial Fraud

Bangkok, Thailand - Fighting Back Against Scam Cases

In response to a significant surge in reported scam cases, Thailand’s central bank is intensifying its efforts to prevent financial institution fraud. According to data released by the Bank of Thailand (BOT), approximately 540,000 scam incidents totaling more than 63 billion baht (USD 1.71 billion) were recorded over the past two years.

Key Initiatives Against Mule Accounts

The BOT has taken a proactive approach in tackling mule accounts - those used to facilitate illicit transactions on behalf of others. Here are some key initiatives:

• Freezing of Mule Accounts: Between March and April this year, nearly 200,000 mule accounts were frozen.
• Review of Bank Accounts for Suspicious Activity: The BOT is implementing a thorough review of all bank accounts to identify suspicious activity.
• Enhanced Procedures for Opening New Accounts: Strengthening procedures for opening new accounts for high-risk individuals.

Upcoming Digital Service Security Enhancements

The BOT has mandated banks to enhance digital service security features, including:

• Limiting Transaction Amounts for Online Transactions
• Introducing Double Authorization for Transfers

These enhanced security features are set to be rolled out by the fourth quarter of 2024.

Monitoring and Evaluation

The Bank of Thailand is working closely with relevant agencies to monitor and evaluate the effectiveness of these measures. The central bank remains vigilant in identifying new types of threats, a key factor in maintaining public confidence in the digital financial system. This confidence is crucial for building a stable and sustainable digital economy for the country.