Possible bank deposits are not insured here against theft

[banagan]

I had money stolen from my Thai bank, my bank app was compromised. Alerted my bank, they told me to go and get a police report, so, I got a police report. 

3 weeks later, I finally get a call back from the bank, asked a load of questions, which were all in the police report. Then asked did I have any questions... I asked when will I be reimbursed, she said she said I wouldn't be, then didn't sound sure, and will call me back. 

I had assumed Thailand bank deposits were insured against theft, I mean it seems pretty developed here.

Maybe I just have to jump through some more hoops, but if bank deposits are not insured against theft, I'd be very wary of leaving any large sums in your account. 

[proton]

How was the app compromised and how much taken?

Edited August 17, 2022 by proton

[banagan]

9 minutes ago, proton said:

How was the app compromised and how much taken?

Phone stolen, somehow got in, and enough taken. 

[JoseThailand]

I think if you had your phone stolen and banking app compromised in any other country, the outcome would be the same. 

[JoseThailand]

When you opened an account, you agreed to their terms and conditions, which say that it's your responsibility to prevent unauthorized access to your banking app.

[JoseThailand]

1 hour ago, banagan said:

Maybe I just have to jump through some more hoops, but if bank deposits are not insured against theft, I'd be very wary of leaving any large sums in your account. 

For really large sums, it makes sense to have only one way to access the account - with a passbook and passport. No banking app or ATM card.

[proton]

1 hour ago, banagan said:

Phone stolen, somehow got in, and enough taken. 

How did they know the password?

[JoseThailand]

1 hour ago, banagan said:

I asked when will I be reimbursed, she said she said I wouldn't be, then didn't sound sure, and will call me back. 

You will be "reimbursed" only if police find the thief and take your stolen money from them.

[banagan]

11 minutes ago, JoseThailand said:

I think if you had your phone stolen and banking app compromised in any other country, the outcome would be the same. 

I'd always assumed deposits were insured from theft.

[banagan]

3 minutes ago, proton said:

How did they know the password?

No idea

[banagan]

7 minutes ago, JoseThailand said:

When you opened an account, you agreed to their terms and conditions, which say that it's your responsibility to prevent unauthorized access to your banking app.

You know these are the terms and conditions?

[JoseThailand]

2 minutes ago, banagan said:

I'd always assumed deposits were insured from theft.

If it's the bank's fault. For example, if your money was physically stolen from the bank's vault or the internal bank systems were hacked.

Edited August 17, 2022 by JoseThailand

[banagan]

1 minute ago, JoseThailand said:

If it's the bank's fault. For example, if your money was physically stolen from the bank's vault.

I had money stolen from a card back home years ago, it was reimbursed. 

[JoseThailand]

Just now, banagan said:

I had money stolen from a card back home years ago, it was reimbursed. 

Maybe it was because the bank's system was compromised.

[banagan]

1 minute ago, JoseThailand said:

Maybe it was because the bank's system was compromised.

No, my wallet was stolen. 

[vinny41]

1 hour ago, banagan said:

Phone stolen, somehow got in, and enough taken. 

I assume you phone was pin locked so they guessed the number of your pin lock and your userid and password for your banking app, assuming you didn't have those details written down on a piece of paper within the phone case

[banagan]

1 minute ago, vinny41 said:

I assume you phone was pin locked so they guessed the number of your pin lock and your userid and password for your banking app, assuming you didn't have those details written down on a piece of paper within the phone case

No, not written down. I'm wondering why the bank said I need to get a police report, which wasn't exactly straight forward... 3 different stations. Seems like a big waste of time. 

[JoseThailand]

6 minutes ago, banagan said:

No, my wallet was stolen. 

It's easier to get money back to your ATM card because there are some protections by the payment network (Visa/Mastercard). They can do a "chargeback" pretty easily. In case of a compromised banking app, it's not so easy to get money back.

Edited August 17, 2022 by JoseThailand

[eisfeld]

Unless you can show gross negligence in the security of the banking app I doubt you can put this on the bank. It's your responsibility to keep your devices safe from third party access. This does not seem to be the banks fault so I don't see why they or their insurance would cover anything.

 

With cards it's a different matter as usually in these cases either the bank or some merchant are responsible. E.g. a compromised ATM or card reader in some shop/restaurant etc. For charges they can usally do chargebacks too. This is not the case for wire transfers initiated by your account.

 

I can imagine the thieves being able to get into your phone (weak pin or pattern, some exploit maybe) but then also knowing the password for your banking app?

 

Edit: your wallet and phone were stolen? How do you know they took the money through the banking app and not through your card that was probably in the wallet?

Edited August 17, 2022 by eisfeld

[proton]

Getting into the phone then the app seems very unlikely to say the least, unless very talented.

[plus7]

Hi,

Did you unlock your wallet with fingerprint or with the password ?

[JoseThailand]

3 minutes ago, proton said:

Getting into the phone then the app seems very unlikely to say the least, unless very talented.

Unlocking the phone can be done very easily. There are a lot of shops doing that.

[vinny41]

9 minutes ago, banagan said:

No, not written down. I'm wondering why the bank said I need to get a police report, which wasn't exactly straight forward... 3 different stations. Seems like a big waste of time. 

Banks and insurance companies always asked for a police report there will always be a % that forwhatever reason will choose to not obtain a police report

Once they have a copy of the police report and will normally ask you questions some of the information will be in the police report then they made a decision to remiburse or not depending on their decision

[banagan]

4 minutes ago, vinny41 said:

Banks and insurance companies always asked for a police report there will always be a % that forwhatever reason will choose to not obtain a police report

Once they have a copy of the police report and will normally ask you questions some of the information will be in the police report then they made a decision to remiburse or not depending on their decision

Well, fingers crossed. 

[DrJoy]

33 minutes ago, proton said:

Getting into the phone then the app seems very unlikely to say the least, unless very talented.

In Siam Commercial Bank, the app requests for a 6 digit password before each money transfer.

[scubascuba3]

5 hours ago, JoseThailand said:

Unlocking the phone can be done very easily. There are a lot of shops doing that.

where? I couldn't find anyone in tukcom who could do it

[scubascuba3]

5 hours ago, banagan said:

No, not written down. I'm wondering why the bank said I need to get a police report, which wasn't exactly straight forward... 3 different stations. Seems like a big waste of time. 

Could it of been someone you know? i.e. a thai girlfriend short of money.

 

To unlock a phone then put a pin for app in then perhaps again for new payees is i thought extremely unlikely maybe impossible.

 

Which bank was it? not easy to get money back just look at the Pattaya Kasikorn scam where a bogus manager set up a ponzi scheme in branch

[Iamfalang]

There is no way they would guess my 8799 phone password and my 7720 banking code is even harder to guess!!!!  

 

 

[rwill]

6 hours ago, DrJoy said:

In Siam Commercial Bank, the app requests for a 6 digit password before each money transfer.

Or your fingerprint

[CH1961]

???? Power on the phone and unlock by code or fingerprint. 

 

???? Open banking app and initiate money transfer needs, at least, code or fingerprint. 

 

If he use a phone or banking app without this features, it is his fault. 

 

???? As the phone does not cash out, the payee must be known. 

 

So just name the payee to the police and case solved. 

 

Story smells fishy, like indian-goldchain-scam ????