Thai Central Bank issues new measures to deal with online banking scams

[webfact]

 

The Bank of Thailand (BoT) has issued a new set of measures, to be implemented by commercial banks, in an effort to deal with mobile banking scams, including biometric identity verification for transfers of more than 50,000 baht, a ban on the sending of SMSs containing URLs and daily limits on money transfers.

 

BoT Governor Sethaput Suthiwartnarueput said today (Thursday) that the new measures are necessary in the wake of increased online banking scams, which have caused bank customers heavy losses and affected their confidence in digital banking.

 

One of the measures requires all commercial banks to stop sending short messages (SMS) or e-mails with links requesting their personal information, such as usernames, passwords or ID card numbers, said the BoT governor.

 

Full story: https://www.thaipbsworld.com/thai-central-bank-issues-new-measures-to-deal-with-online-banking-scams/

 

-- © Copyright Thai PBS 2023-03-10

 

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[ukrules]

50 minutes ago, webfact said:

biometric identity verification for transfers of more than 50,000 baht

This is going to be a real pain

[ezzra]

This is what happens when humanity invented technology to make life easy and it came to bite it in the backside.

 

[nigelforbes]

Confusing article. Both my banks, BBL and UOB require biometric identity authorization on every transaction using thumbprint, plus, both banks already have limits based on types of transfer being made.

[Mutt Daeng]

33 minutes ago, nigelforbes said:

Confusing article. Both my banks, BBL and UOB require biometric identity authorization on every transaction using thumbprint, plus, both banks already have limits based on types of transfer being made.

Same with Krungthai & Kasikorn, so no change really for us.

[hotchilli]

3 hours ago, webfact said:

One of the measures requires all commercial banks to stop sending short messages (SMS) or e-mails with links requesting their personal information, such as usernames, passwords or ID card numbers, said the BoT governor.

Which was crazy from the start.

[hotchilli]

2 hours ago, ukrules said:

This is going to be a real pain

Not as painful as losing your bank balance.

[ronster]

What about the in house scams where the staff are helping themselves to peoples money !

[nigelforbes]

7 minutes ago, ronster said:

What about the in house scams where the staff are helping themselves to peoples money !

Are these more common here than in the West?

[Thai Visa Member 999999]

I used to have mobile banking apps on my phone until I read a column in the Wall Street Journal recently about how people are having their bank accounts raided by people after their iPhone is stolen. The iPhone's passcode is no obstacle as they have already acquired it prior to the theft and by the time you try and erase everything, you've been locked out of your iCloud account and Apple can't help. A couple of the victims featured had lost tens of thousands as I recall. Frightening.

[JoePai]

2 hours ago, nigelforbes said:

Confusing article. Both my banks, BBL and UOB require biometric identity authorization on every transaction using thumbprint, plus, both banks already have limits based on types of transfer being made.

My BKK and Kbank don't

[jacko45k]

10 minutes ago, JoePai said:

My BKK and Kbank don't

I think you have to set it up and of course it will depend on your phone supporting biometrics. Usually secondary/ 2 stage is required for payment authorizations. Do you get asked for some further input?

[nigelforbes]

15 minutes ago, JoePai said:

My BKK and Kbank don't

In all fairness, biometrics is a function of the phone that is supported by the bank app rather than being a function of the app itself. Nevertheless the security effect is the same but only as far as your phone is concerned, it doesn't prevent scammers from potentially accessing your account in other ways, without that feature.. 

[Bangkok Barry]

4 hours ago, ezzra said:

This is what happens when humanity invented technology to make life easy and it came to bite it in the backside.

 

Whatever humanity invents is often swiftly corrupted because humanity isn't mature enough to use it responsibly. The most glaring example is social media, which is used by millions to send abuse and death treats to others, usually total strangers, as well as provide a platform for any loony to spread lies and propaganda. Go back a few decades and gunpowder is another example of misusing something that was invented for a good and practical purpose. Humans corrupt.

[Bangkok Barry]

1 hour ago, nigelforbes said:

1 hour ago, ronster said:

What about the in house scams where the staff are helping themselves to peoples money !

Are these more common here than in the West?

I've never read of one in the West, but have done so many times in Thailand. What is your experience?

[wensiensheng]

Any bank that asks its customers for detailed personal information such as passwords is being grossly negligent. And any customer providing that information is grossly stupid.

 

I can’t say that I have EVER been asked for that type of thing, on the contrary, often I receive messages saying that bank staff will never ask for such a thing.

 

When I compare the security requirements for my Singapore bank and my thai bank, this is just Thailand playing catch up.

[Bangkok Barry]

2 hours ago, hotchilli said:

5 hours ago, webfact said:

One of the measures requires all commercial banks to stop sending short messages (SMS) or e-mails with links requesting their personal information, such as usernames, passwords or ID card numbers, said the BoT governor.

Which was crazy from the start.

Yes. I receive frequent reminders from non-Thai banks and others who deal with passwords etc, saying they will never ask me for personal information such as passwords.  Maybe Thailand is trying to catch up with the real  world.

[nigelforbes]

3 minutes ago, Bangkok Barry said:

I've never read of one in the West, but have done so many times in Thailand. What is your experience?

I agree, I hadn't also, until I went looking for them, then I found that there are plenty. I think the situation is that these kinds of crime get widely reported here whilst they are under reported in the West, for whatever reason. TBH I would have thought it might be the other way around because of the defamation laws but apparently that's not the case. The situation is similar to bank failures, surprisingly, the US sees a seriously high number of financial institution failures, who'd have thought it.

 

If you google dishonest bank employees UK, you'll see what I'm referring to. If you google FDIC Failed Bank List, you'll see the evidence for the second point.

[JoePai]

46 minutes ago, jacko45k said:

I think you have to set it up and of course it will depend on your phone supporting biometrics. Usually secondary/ 2 stage is required for payment authorizations. Do you get asked for some further input?

Nope   ????

[JayBird]

3 hours ago, nigelforbes said:

Confusing article. Both my banks, BBL and UOB require biometric identity authorization on every transaction using thumbprint, plus, both banks already have limits based on types of transfer being made.

Not for me.  You referring to app or in person?

 

Wonder if it's mandatory or you opted in somehow?

[nigelforbes]

Just now, JayBird said:

Not for me.  You referring to app or in person?

 

Wonder if it's mandatory or you opted in somehow?

App.

 

But in person requires I produce my passport. for everything.

[Enzian]

Krungsri is a great bank, but one time after I had made some adjustment with a manager someone called and said they still needed my American SS number; I said of course I can't say that over the phone and went in, and indeed it had been them. A slip on their part, only one I've known.

As I've reported here before, I recently had a manager delete their app from my iPhone out of caution; my Thai GF, horrified at my balance, actually pushed me to have that done. Now things can only happen through a teller or manager. I periodically withdraw larger sums of cash from the window.

[nigelforbes]

2 minutes ago, Enzian said:

Krungsri is a great bank, but one time after I had made some adjustment with a manager someone called and said they still needed my American SS number; I said of course I can't say that over the phone and went in, and indeed it had been them. A slip on their part, only one I've known.

As I've reported here before, I recently had a manager delete their app from my iPhone out of caution; my Thai GF, horrified at my balance, actually pushed me to have that done. Now things can only happen through a teller or manager. I periodically withdraw larger sums of cash from the window.

You show your g/f what your bank account balances is, wow, perhaps you should rethink that strategy, unless she's different of course.

[ronster]

2 hours ago, nigelforbes said:

Are these more common here than in the West?

Not sure but I have read several articles here in last month alone about it.

[Enzian]

10 minutes ago, nigelforbes said:

You show your g/f what your bank account balances is, wow, perhaps you should rethink that strategy, unless she's different of course.

She knows because she walks me through the process of renewing my Non-O at Immigration once a year, and does the work of making all the required photocopies, from the bank etc. She does most of the talking. A necessary risk. 

You and I know none of them are "different". But some of them are not stupid. I don't think she would risk killing a long term golden goose in return for a short term gain. And she may actually be relatively honest. Also, how would she steal if the only means is my passport at a window? A bank transfer with my bank book in hand? I don't know how that would work.

[Mad mick]

How about getting Thai banks STOP stealing our money while out of the country For l

long periods ( NO OTHER BANKS IN WORLD DO THIS WITH MONEY STILL GOING IN ? )  Was regularly paying into via wise into my Thai bank account Only while in Vietnam presently discovering Kasikorn Bank Samui closed my account yet l had been putting just to keep it open $50 Australian evey Couple of months  keep account open  with active debit card thought l check while in Vietnam its been closed but still accepts my transaction transfers via wise , right through pandemic lockdowns in Australia & world planing future holiday ! l'm in Vietnam now thought would check my Thai ATM debit card pin everything correct & then states account closed stole money Welcome to Thailand ???? Thai Banks only kept open for holiday had money deposited in my account So was never inactive  for more than 2 to 3 months as far small top ups, had this account for many years when married after divorce told keep open cant change banks from Samui to BKK Aaccording to babk manager in bkk , Said leave it as it is! last used last pre-pandemic 2018 l

in Thailand & checked in Australia  was open still 2022 did ATM withdraw to check !,Also topped up periodically Now closed ? show me my ???? money ! You can not trust Thai banks ran by CRIMINALS 

[Lee65]

46 minutes ago, Enzian said:

I don't think she would risk killing a long term golden goose ...

Until a double-golden goose appears?

[Enzian]

28 minutes ago, Lee65 said:

Until a double-golden goose appears?

That's a fowl thing to say. But she's long past being a spring chicken, that's why I rule the roost.

[Kalasin Jo]

3 hours ago, JoePai said:

My BKK and Kbank don't

Nor mine. Only recently registered with BBK m banking. No biometrics request at registration or since.

[Ginner]

4 hours ago, nigelforbes said:

Are these more common here than in the West?

Remember a bank clerk in the UK took  a penny out of every account in the bank once every other month  (usually the middle of the month) he stole near 50,000 over a year before it was detected.