The Bank of Thailand (BoT) introduced measures for financial institutions to prevent online banking frauds such as biometric scan for a transfer of over 50,000 baht per transaction through a mobile banking application.
The new measures are aimed to prevent, detect and response to online fraud.
Under the new measures, BoT Governor Sethaput Suthiwartnarueput said all financial institutions must stop sending all kinds of URLs including those, requesting personal information such as passwords and ID card numbers via SMS and emails to customers.
The mobile banking username is limited to one device and the owner of the account must be notified before each mobile banking transaction.
The security system in digital banking will be stepped up by adopting biometric technology like facial recognition for identity verification when a customer opens a new bank account or conduct transaction on mobile banking apps such as a transfer of more than 50,000 baht or change of the daily transfer limit to over 50,000 baht.
Commercial banks are required to report suspicious transactions to the Anti-Money Laundering Office and must be equipped with the near real-time system to detect suspicious transactions to stop it immediately after being detected.
Every bank must have a hotline call center as a separate channel available around the clock for victims to report online fraud.
Most of the new measures will be implemented by the end of this month.
In 2022, mobile banking fraud rose by 79 per cent. The losses from transactions by fraudsters through mobile apps reached more than 500 million baht. (TNA)