Bank customers who want to transfer more than 50,000 baht electronically from their bank accounts are required to have their faces scanned to confirm their banking transactions, under a new set of measures imposed by the Bank of Thailand to protect bank customers from online thieves.

 

Bank of Thailand Governor Sethaput Suthiwartnarueput has issued an order instructing all financial institutions, including commercial banks, to upgrade their banking systems to cope with increasing online theft from customers’ bank accounts.

 

Managers of all financial institutions and all providers of electronic money transfer services, which are not financial institutions, are to report to the central bank their systems for dealing with bank transaction thefts and they must meet the minimum standard set by the central bank.

 

Full Story: https://www.thaipbsworld.com/thai-central-bank-tightens-up-measures-to-protect-bank-customers/

 

-- © Copyright Thai PBS 2023-03-31

 

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well done!

Also from the OP:

 

"For a bank customer who has money deducted from their bank account through a debit card in a transaction which they did not conduct, the bank must refund the customer in full amount within five days."

 

The problem with that is, AFAIK, timing/delays are not the only problem that arise in such cases. Often, the TH bank involved will simply insist, without necessarily any clear evidence to support the claim, that the cardholder was in fact responsible for the fraudulent charge, and thus refuse to refund the debit, period.

 

36 minutes ago, snoop1130 said:

to upgrade their banking systems to cope with increasing online theft from customers’ bank accounts.

You need to be looking at protection from bank robbers , that actually

work inside the banks ,I recall a few cases ,and maybe some covered

up .

regards worgeordie

So how would that work when you are using your pc to transfer money over 50k?
 

Everyone has to install / buy a webcam to have their face scanned?

 

how are they going to implement this?

 

Transfer >50k go to 7/11 to have your face scanned. 

1 hour ago, TallGuyJohninBKK said:

Often, the TH bank involved will simply insist, without necessarily any clear evidence to support the claim, that the cardholder was in fact responsible for the fraudulent charge, and thus refuse to refund the debit, period.

You have anything to back up your assertion that Thai banks "often" do that?

55 minutes ago, MJCM said:

So how would that work when you are using your pc to transfer money over 50k?
 

Everyone has to install / buy a webcam to have their face scanned?

 

how are they going to implement this?

 

Transfer >50k go to 7/11 to have your face scanned. 

That's not how Thailand works, They just create these rules , execution is not their forte!

Can't wait to see how this one goes.

 

Why not just use a one time code?

1 hour ago, rwill said:

Can't wait to see how this one goes.

 

Why not just use a one time code?

The OTP system already works just fine for me but then I use my pc for such transactions and my 'phone for the OTP.

Many others do their banking transactions including OTP using their mobile 'phones which seems like a security risk to me.

Besides this. Banks are like insurance companies and will say and do anything to avoid paying out.

Edited March 31, 20233 yr by Muhendis

8 hours ago, MJCM said:

So how would that work when you are using your pc to transfer money over 50k?
 

Everyone has to install / buy a webcam to have their face scanned?

 

how are they going to implement this?

 

Transfer >50k go to 7/11 to have your face scanned. 

Every announcement is suspect today.

 

Check the date!

LOL, get set for the 49,999 transfer explosion

1 hour ago, Muhendis said:

Every announcement is suspect today.

 

Check the date!

You could be right, but it was posted yesterday ????

2 hours ago, MJCM said:

You could be right, but it was posted yesterday ????

Yes and there was a similar news article some weeks ago but I think it was suggesting finger prints?

 

Unfortunately, as usual, the article is woefully short of any real detail like time frames - Report by when/implement by when for example.

How about increasing the deposit insurance amount from the pitiful million baht they offer.  

16 hours ago, MJCM said:

So how would that work when you are using your pc to transfer money over 50k?
 

Everyone has to install / buy a webcam to have their face scanned?

 

how are they going to implement this?

 

Transfer >50k go to 7/11 to have your face scanned. 

Most smartphones have in built facial and fingerprint  capability

Yes, of course.

It's all about the protection and well being of the customers. 

 

Well understood that the banksters are your dear friends and extended family. 

Bless the financial institutions.......

10 hours ago, Muhendis said:

Every announcement is suspect today.

 

Check the date!

There is not a single Thai that I know, including wife of 20yrs, all her family, friends and neighbors  who have ANY  idea what April Fools day means....to we westerners/foreigners.

I doubt the Governor of the BOT does.

 

And for those who commented about "most banks ",  BBL refunded ALL of the B18000+ illegally deducted from my account a few years ago (that time when thousands of local customers got hit).

 

No complaints.

On 4/1/2023 at 7:24 AM, Muhendis said:

Every announcement is suspect today.

 

Check the date!

The date is March 31.  What's special about this date??

 

Yanis Varoufakis on why we should 'let the banks burn' 

This could be the future of banking.

He is saying that people will have a digital wallet that is provided by a central bank ie The Fed in US or the European Central Bank in the Eurozone. So savings are completely safe. No need to insure the savings because they will be on the ledger of the central bank. 

 

https://www.youtube.com/watch?v=lbji8utP6dU

 

Edited April 4, 20233 yr by save the frogs