Financial Crime World

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Thailand Introduces New Technologies to Combat Financial Crimes

Bangkok, Thailand - The Bank of Thailand (BOT) has launched a comprehensive plan to combat financial crimes in the country, using cutting-edge technologies to prevent, detect, and respond to fraudulent activities.

Background

Financial crimes have evolved into various forms, including SMS scams, call-center gangs, loan frauds, and money-siphoning applications. These activities not only cause significant financial losses but also erode public confidence in digital banking, which could have far-reaching consequences for the country’s financial services sector.

Measures to Combat Financial Crimes

To address this issue, the BOT has collaborated with relevant organizations, both within and outside the financial sector, to implement measures that will strengthen the security of digital banking. These efforts include blocking suspicious SMS messages, setting up a hotline call center for victims of financial fraud, and introducing new technologies to enhance mobile banking security.

End-to-End Measures

The BOT has introduced three key measures to combat financial crimes:

1. Preventive Measures

  • Require financial institutions to ban sending links in SMS or email that request personal information.
  • Limit mobile banking users to one username and device, with each transaction prior-notified to the user.
  • Require biometric authentication, such as facial scanning, for new account openings and transactions exceeding 50,000 baht.

2. Detective and Monitoring Measures

  • Require financial institutions to report suspicious transactions to the Anti-Money Laundering Office.
  • Have a near-real-time system in place to detect and temporarily freeze suspicious transactions.

3. Responsive Measures

  • Set up a hotline call center for victims of financial fraud.
  • Require financial institutions to respond promptly when losses occur.

Implementation Timeline

The BOT has urged all financial institutions to implement these measures by March 2023. The effectiveness of the measures will be evaluated and reviewed regularly to ensure they remain up-to-date and aligned with evolving situations.

Comprehensive Framework Needed

While the BOT’s measures mark a significant step forward in combating financial crimes, a comprehensive framework is needed to tackle this issue effectively. This includes enforcing the Royal Decree on Cybercrime Prevention and Suppression, which will empower data sharing between financial institutions and authorities, allow for the immediate blockage of suspicious transactions, and impose penalties on those involved in mule accounts.

Contact Information

For more information, please contact the Technology Risk Supervision Department at: