The Government Savings Bank has introduced the Secure+ mode in the MyMo app to mitigate risks for vulnerable groups such as the elderly or those easily targeted. Utilizing the same app but switching to a restricted mode, once activated, can only be deactivated by visiting a branch.
In Secure+ mode, funds transfer to others is capped at 5,000 Baht per day, as well as cash withdrawals. Regular transactions like interbank transfers, credit card payments, and transfers to external bank accounts are also subject to daily quotas but can be increased.
Last month, the Bank of Thailand announced that by the end of 2024, all banks will implement measures to reduce risks for customers. Government Savings Bank is leading by example, being the first bank to roll out this feature.
Source – GSB
TLDR: The Government Savings Bank has enhanced security measures in the MyMo app to protect vulnerable customers, limiting daily transactions and withdrawals. Other banks are following suit by implementing risk reduction measures by 2024.
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