Possible bank deposits are not insured here against theft

[Surasak]

7 hours ago, DrJoy said:

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

Kasikorn is the same. which is more secure. KrungThai is just a 6 digit access code and away you go.

[Photoguy21]

Banks are like insurance companies they want your money but will do nothing for you in return.

[khunpeer]

8 hours 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.

in Tland they just changed insurance/guarantee of bankdeposit to max 1 million baht... was in the news last week or so.

[userabcd]

8 hours ago, banagan said:

I'd always assumed deposits were insured from theft.

You can contact your personal insurance company and make a claim.

Edited August 18, 2022 by userabcd

[userabcd]

8 minutes ago, khunpeer said:

in Tland they just changed insurance/guarantee of bankdeposit to max 1 million baht... was in the news last week or so.

duh, that is against govt backed protection scheme in the event a financial institution fails.

Edited August 18, 2022 by userabcd

[Photoguy21]

22 minutes ago, Photoguy21 said:

Banks are like insurance companies they want your money but will do nothing for you in return.

 

Edited August 18, 2022 by Photoguy21

[userabcd]

27 minutes ago, Photoguy21 said:

Banks are like insurance companies they want your money but will do nothing for you in return.

Do you have evidence of that?

[Photoguy21]

2 minutes ago, userabcd said:

Do you have evidence of that?

Have you ever tried claiming on insurance? I think not

[userabcd]

3 minutes ago, Photoguy21 said:

Have you ever tried claiming on insurance? I think not

Take good care of all my financial information and am extremely cautious, so will never have any problem.

[dutchman]

i got scamed by withraws 3 x a small amount. the next morning again a withraw 3 x a small amount.

Go to the kasikorn bank and they refund it all.

In my opinion the banks were hacked a while a go and the Bankok Post made an article about it.

They hacked all ATM cards with the passwords i think because they asked me where is your atm card?

I never ever used my atm card so i revoked my ATM card.

Other bank account i did not even have a ATM card and nothing happened.

A friend of mine with ATM card at that bank got scammed too and also was the big question where is your ATM card.

My friend  revoked the ATM card also and nothing happened yet

[Photoguy21]

6 minutes ago, userabcd said:

Take good care of all my financial information and am extremely cautious, so will never have any problem.

You have just answered your own question, congratulations.

[proton]

37 minutes ago, khunpeer said:

in Tland they just changed insurance/guarantee of bankdeposit to max 1 million baht... was in the news last week or so.

worthless guarantee as the insurance one has proved this year- the refund money pot just ran out and claims have just been ignored. Imagine it would be the same if a bank went bust

[SymS]

1 hour ago, CH1961 said:

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

 

Cashless ATM would be a method to withdraw cash with the phone mostly anonymously. If the thief wears a crash helmet when doing so, it might be close to impossible to identify him. What's interesting is the banks often push their customers to use mobile banking instead of online banking.

[userabcd]

10 minutes ago, proton said:

worthless guarantee as the insurance one has proved this year- the refund money pot just ran out and claims have just been ignored. Imagine it would be the same if a bank went bust

Bank insurance up to 1 million baht is guaranteed by govt.

 

It is not at all related to covid insurance or insurance institutions or investments.

 

Edited August 18, 2022 by userabcd

[userabcd]

28 minutes ago, Photoguy21 said:

You have just answered your own question, congratulations.

you have not provided any evidence pertaining to your statement

 

"Banks are like insurance companies they want your money but will do nothing for you in return."

 

That is quite a general and misleading statement.

Edited August 18, 2022 by userabcd

[bradiston]

A 6 digit code has 1m combinations. And there's two of them, one to unlock the phone (forget tuk com, unlocking there is simply to unlock for use abroad), and one to get into the banking app. Or a fingerprint, which is unique, or a swipe pattern, which would also be extremely difficult to crack. And the banking app will only transfer to another bank account, or promptpay, or by scanning a qr code for payment, right? All 3 of those should be easily traceable by the bank, to the recipient.

 

But apart from that, how long before you realised your wallet (you carry your phone in a wallet?) and phone had been stolen? Enough time for the thief to crack 2 million different combinations to unlock the phone AND the banking app? Was it a substantial amount taken? You'd imagine they would have cleaned it out.

 

But, it seems highly improbable they could get into your account in this way, and without leaving any trace. ????????????

[NoshowJones]

10 hours ago, JoseThailand said:

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.

The best sense is to keep the bulk of your savings in a bank in your home country. Thailand is a Banana Republic ruled by an unelected General backed up by over 200 more Generals.

[NoshowJones]

10 hours ago, proton said:

How did they know the password?

How many people in Thailand have their smartphone locked requiring a password to open it?

And for those who do, how easy is it for phone certain phone experts to hack into it?

[CharlieH]

3 hours ago, rwill said:

Or your fingerprint

Fingerprint is all over the phone, lift it with cellotape and re_apply ????......so Ive heard ????

[chuang]

Some have the habit of losing things...

[NoshowJones]

1 hour ago, khunpeer said:

in Tland they just changed insurance/guarantee of bankdeposit to max 1 million baht... was in the news last week or so.

The last week?? It was known at least a year ago. It used to max 5 million baht.

Also you can bet it was done for good reason.

[SportRider]

OP you know where the money went because the recipient account number will be on your statement.  This should make it easy for the police to track and maybe even recover.  This seems like the obvious first step. 

 

Thinking about insurance would be a last resort - even if there is insurance in place, they'll want to know that every possible attempt at recovery has been taken.

[NoshowJones]

1 hour ago, userabcd said:

Do you have evidence of that?

You don't need evidence, it sticks out like a sore thumb.

[plus7]

4 minutes ago, SportRider said:

OP you know where the money went because the recipient account number will be on your statement.  This should make it easy for the police

There are "drop accounts" which are opened for fake ids, by poor people etc.

I found it when also got money stolen (impersonators hacked hotel mail server and provided fake account number)

Cyberpolice is a high building in Bangkok...

 

[bradiston]

1 hour ago, userabcd said:

Bank insurance up to 1 million baht is guaranteed by govt.

 

It is not at all related to covid insurance or insurance institutions or investments.

 

In the UK the limit was recently lowered to £85k. I guess just open multiple accounts and spread it around. But what's the point? The banks pay fxxx all interest.

[SiSePuede419]

12 hours ago, banagan said:

Phone stolen, somehow got in

What kind of password did you use?

 

1) fingerprint

2) 12 characters, including numbers, upper and lower case and special characters

3) pattern

4) no password

 

I'm guessing #4 ????

 

[proton]

1 hour ago, userabcd said:

Bank insurance up to 1 million baht is guaranteed by govt.

 

It is not at all related to covid insurance or insurance institutions or investments.

 

But the outcome would probably be the same when a few million people try to claim their deposits back, bad enough trying to get a small tax rebate back here. Anyone thinking they would get a million back in short order in Thailand is very optimistic.

[Tarteso]

58 minutes ago, CharlieH said:

Fingerprint is all over the phone, lift it with cellotape and re_apply ????......so Ive heard ????

Here’s always something new to learn ????

[userabcd]

1 hour ago, possum1931 said:

The last week?? It was known at least a year ago. It used to max 5 million baht.

Also you can bet it was done for good reason.

Yes, like most of the depositor's in Thailand do not have 1 million baht in the bank.

 

Others with funds over 1 million baht must manage their risk and work to spread it around.

 

Government also do not want money sitting in savings accounts but would rather see the money spent or invested in funds or the stock market.

 

Evaluation of Financial Institutions’ Strengths

Depositors are able to check the stability of financial institutions from their credit ratings, provided by well-known financial organizations. Financial institutions’ gross revenues and assets are publicly available on websites – for example, websites of any financial institutions, the Bank of Thailand (BOT), Thailand’s Securities and Exchange Commission (SEC), etc. Other important parameters that should be taken into consideration are satisfaction in providing services, liabilities and Rate of Return (ROR).

Managing Risks

Depositors can distribute their deposits among different banks, which is one of the methods in which they can manage risk under the Deposit Protection Institution. However, if depositors are confident in the stability and health of their financial institutions and are satisfied with the level of service they receive, then they do not need to make such distributions.

 

 

Edited August 18, 2022 by userabcd

[userabcd]

1 hour ago, proton said:

But the outcome would probably be the same when a few million people try to claim their deposits back, bad enough trying to get a small tax rebate back here. Anyone thinking they would get a million back in short order in Thailand is very optimistic.

Nonsense.