The Bank of Thailand has reported on the process of elevating the level of fraud prevention. Following the implementation of measures to prevent unauthorized payment fraud, a continuous decrease in the number of cases has been observed. However, there is still a significant number of cases where victims are deceived into making transfers themselves. Therefore, new measures are being implemented to address this issue.
It has been found that 75% of the financial damage is attributed to transfers to cryptocurrencies. As a result, efforts are underway to expand monitoring of horse trading accounts to the cryptocurrency market. There has been a shift in horse trading accounts, with the recent trend being the establishment of legal entities to open corporate accounts as horse trading accounts.
The process of limiting horse trading accounts must be expanded, with additional measures being put in place. This includes expanding the opening of corporate horse trading accounts to cover corporate entities related to horse trading accounts.
Expanding the scope of managing horse trading accounts allows banks to detect potential horse trading accounts even in the absence of cases. Banks proactively report suspicious behavior and enhance cooperation with exchange centers and e-wallet service providers.
The Bank of Thailand confirms its support for the approach of banks sharing responsibility but emphasizes that each bank must fulfill its own responsibilities. For example, a bank is held accountable if criminals are able to transfer money without the user’s consent.
TLDR: The Bank of Thailand is enhancing fraud prevention measures and monitoring of horse trading accounts, especially in relation to cryptocurrency transfers. Collaboration with exchange centers and e-wallet services is being improved, with each bank being accountable for its own responsibilities.
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