National bank tightens reins on horse accounts; uncovering and locking all accounts, correcting horse account rotation. Prepare to enhance services by locking accounts unable to withdraw online.

The Bank of Thailand has introduced measures to combat online fraud, implementing processes to make opening new accounts more difficult and closing accounts faster. Additionally, new services have been launched to empower users to better protect themselves.

For the account management process, there are 3 levels of measures for different groups suspected of fraudulent activities:

1. Suspected individuals: The bank will update the list frequently on a weekly basis, suspend transactions on all accounts immediately, and make it significantly harder to open new accounts. Stringent checks will be conducted.

2. Individuals listed in the Central Fraud Registry (CFR): Managed by ITMX, this database monitors accounts used for fraudulent transactions. While not directly charged, individuals listed in the CFR will have their accounts suspended and won’t be able to open new accounts online. They must visit a branch and undergo verification.

3. Accounts identified by the bank: Standard procedures for detection and post-detection measures will be in place to determine how to proceed.

On the other hand, user protection measures will be enhanced by the end of the year, allowing customers to choose options such as facial recognition verification, limiting transfers to 50,000 baht, and setting restrictions on online transactions similar to Singapore.

In this press release, the Bank of Thailand also disclosed the damages caused by various types of fraud. While most cases revolve around deceiving individuals into purchasing goods, the true extent of harm lies in investment scams with losses as high as 36%. App-based money fraud accounts for 4% of total losses (Singapore reports investment scam losses at 31.4% and app-based money fraud at 5.2%).

TLDR: The Bank of Thailand has implemented stringent measures to combat online fraud, including heightened security for opening new accounts and additional user protection options. Various levels of measures target suspected individuals, those in the Central Fraud Registry, and accounts identified by the bank. Damages from fraud range from deceptive purchases to high-risk investment scams, emphasizing the need for increased vigilance.