Financial Crime World

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Cybercrime on the Rise in Thailand: Threats to Financial Sector

Introduction

Thailand has become a hotspot for cybercrime, with over 2,500 cases reported to the Technology Crime Suppression Division (TCSD) in 2019 alone. The total losses from these crimes amount to over 600 million Thai baht (approximately $20 million USD). In this article, we will explore the types of cybercrime that are most prevalent in Thailand and the challenges faced by authorities in tracking down suspects.

Types of Cybercrime in Thailand

Romance Scams

One of the most common types of cybercrime in Thailand is romance scams, where victims are tricked into transferring large sums of money to scammers posing as handsome young men or customs officers. These scams often involve international bank accounts and can be difficult to track down due to limited cooperation from other countries.

Business Email Compromise

Business email compromise (BEC) cases are also on the rise in Thailand, with hackers sending fake emails to businesses to change bank account details and divert payments to their own accounts.

Limitations in International Cooperation

Despite efforts to combat cybercrime, Thailand faces significant challenges in tracking down suspects who operate from outside the country. The Budapest Convention recommends storing computer data for 90 days, but this is often not enough time to identify suspects or freeze assets.

Call for Better International Cooperation

The TCSD has called for improved international cooperation, including:

  • Establishing an international money suspension center
  • Sharing basic suspect information such as bank account details and IP addresses
  • Improving knowledge transfer and sharing to reduce damage from future malware attacks

Cybersecurity Efforts in Thailand

Thailand has taken steps to promote and standardize cybersecurity, including the establishment of the Thailand Internet Crimes Against Children (TICAC) taskforce to combat child cybercrime. However, more needs to be done to protect against international malware threats, particularly ransomware attacks on private companies and government organizations.

Recommendations for Cooperation

The TCSD has proposed several measures for cooperation between countries, including:

  • Establishing an international money suspension center
  • Sharing basic suspect information such as bank account details and IP addresses
  • Improving knowledge transfer and sharing to reduce damage from future malware attacks

By working together, countries can better combat cybercrime and protect their financial sectors.