Thai Banks Launch Major Crackdown on Financial Scams

[snoop1130]

 

In a bold move to combat online financial crimes, the Thai Bankers Association (TBA) has blacklisted 15,000 individuals and suspended 34,000 bank accounts linked to call centre scams. TBA Chairman Payong Srivanich announced today, September 2, that the association’s new AI-driven tool, the Cross-Reference File (CRF) system, has been instrumental in unmasking these fraudulent activities.

 

Over the past nine months, the CRF system has been meticulously analysing data from various commercial banks. Officially operational since last month, it has already started flagging and further suspending suspected mule accounts involved in money laundering schemes.

 

Payong explained that the CRF system is an integrated hub, drawing information from commercial banks and the Anti-Money Laundering Office. This comprehensive approach has significantly bolstered efforts to identify and crack down on mule accounts.

 

 

 

 

Deputy Governor of the Bank of Thailand, Ronadol Numnonda, lauded the commercial banks for their active cooperation with the central bank’s new anti-fraud measures. Since the CRF’s launch on August 1, banks have been intensively sharing information to tackle online fraud, shifting focus to the individuals behind these schemes rather than just their accounts.

 

“One of the key strengths of the CRF system is its ability to swiftly pinpoint and block individuals suspected of using mule accounts before they can carry out further transactions or open new accounts,” Ronadol stated. He added that blacklisted individuals must engage with officials from the Anti-Online Scam Operation Centre to resolve their status before their accounts can be reinstated.

 

This stringent action by the TBA marks a pivotal step in safeguarding the financial system against fraudulent activities, reflecting a robust stance against online financial crimes. The crackdown underscores an increasing commitment to protect Thai banking from exploitation by criminal networks.

 

File photo for reference only

 

-- 2024-09-02

 

 

Get the ASEAN NOW daily NEWSLETTER - Click HERE to subscribe

[OneMoreFarang]

2 hours ago, snoop1130 said:

He added that blacklisted individuals must engage with officials from the Anti-Online Scam Operation Centre to resolve their status before their accounts can be reinstated.

I hope that process is fast and transparent.

Obviously, it is good when money laundry and scams are stopped. Nut on the other hand, it can ruin lives of innocent people if they are wrongly accused of such things.

AI can handle a million things at the same time. How about officials who should make sure innocent people don't have to suffer because of this.

 

 

[hotchilli]

8 hours ago, snoop1130 said:

In a bold move to combat online financial crimes, the Thai Bankers Association (TBA) has blacklisted 15,000 individuals and suspended 34,000 bank accounts linked to call centre scams.

About time too...

Those who are found to have opened bank accounts to assist Scammers should be put on a data base and banned from ever having an account again.

[RichardColeman]

10 hours ago, snoop1130 said:

the Thai Bankers Association (TBA) has blacklisted 15,000 individuals and suspended 34,000 bank accounts linked to call centre scams.

Great, but they are just inviting another 12 million potential fraudsters tourists from China

[AustinRacing]

Wonder how many of them are or linked to bank staff.