Banking Association Confirms Security and Stability of Bank Apps

[snoop1130]

 

BANGKOK (NNT) - The Thai Bankers’ Association has assured that banking applications are secure and stable, emphasizing the necessity of facial scanning for transactions exceeding 50,000 baht each time.

 

The announcement was made following reports of a police arrest involving a programmer selling software designed to transfer funds and bypass facial recognition in banking apps for transactions over 50,000 baht.

 

The Thai Bankers’ Association has acknowledged the issue and inspected the banking sector’s systems.

 

The association clarified that such software cannot be used on regular customer accounts as it requires complete access to personal data. The information includes bank account numbers, national ID numbers, mobile phone SIMs, and devices used for mobile banking. Not to mention that, in order to gain access to a personal banking account, the system also requires all identity verification information like PINs or personal identification numbers, One-Time Passwords (OTP), and facial scans.

 

In the incident that was reported, the fraudsters facilitated money transfers from so-called "mule accounts" with the consent of the account holders, thus gaining access to all their personal information and carrying out transactions.

 

The Association asserts that transfers of funds of more than 50,000 baht per transaction and more than 200,000 baht per day still require facial recognition verification, adhering to the standards set by the Bank of Thailand. The case in question involved fraudsters attempting to circumvent the facial scan requirement.

 

The association reiterated that the mobile banking systems of all banks are secure and stable, with commercial banks placing a high priority on user security by continuously investing in and enhancing security measures.

 

Nonetheless, the Thai Bankers’ Association and its member banks said they were aware of the increasingly complex and varied financial threats, prioritizing the security of financial transactions and the protection of customers’ personal data. They cooperate closely with relevant agencies to establish more effective financial risk prevention and management guidelines.

 

By Krajangwit Johjit

 

Full story: NNT 2023-11-08

 

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[bradiston]

Krungthai has yet to implement facial recog. Been waiting now 3 months. Government bank.

[JimHuaHin]

LOL.

[Dan O]

I guess they haven't thought about how AI can both copy a face effectively and generate a usable image or in the case of vocal recognition do the exact same thing

[John Drake]

So, the banks insist that nothing can wrong. But if it does,  it's your fault.

[lordgrinz]

3 minutes ago, John Drake said:

So, the banks insist that nothing can wrong. But if it does,  it's your fault.

 

Well, like I found when I was hit 3 separate times by Thai drivers, "farang, its his fault!".......though I ultimately ruined their day with 4k dashcams. LOL

Edited November 9, 2023 by lordgrinz

[BenStark]

4 hours ago, bradiston said:

Krungthai has yet to implement facial recog. Been waiting now 3 months. Government bank.

 

Facial recognition is only required beyond November 30 for any bank, but I can feel now already that I will need to close several accounts the next day.

 

Kasikorn told me, not for farangs - nothing to sign.

TTB same

SCB let me sign a waiver,

UOB failed to scan my passport, although NFC chip working, then also let me sign a waiver. Today I received a message from UOB that I need to register.

 

That are most likely 4 accounts that will be closed in December

[bradiston]

34 minutes ago, BenStark said:

 

Facial recognition is only required beyond November 30 for any bank, but I can feel now already that I will need to close several accounts the next day.

 

Kasikorn told me, not for farangs - nothing to sign.

TTB same

SCB let me sign a waiver,

UOB failed to scan my passport, although NFC chip working, then also let me sign a waiver. Today I received a message from UOB that I need to register.

 

That are most likely 4 accounts that will be closed in December

Set up on Bangkok Bank account, with the help of the counter staff.