Bank of Thailand Boosts Mobile Security with New Transfer Limits

[webfact]

File photo courtesy: Bangkokbiz News

 

In a strategic move to bolster the security of mobile banking, the Bank of Thailand (BoT) is putting mechanisms in place to protect vulnerable users such as teenagers and the elderly. The plan introduces a daily transfer cap of 50,000 baht for these groups, aiming to shield them from fraud and financial abuse.

 

Feedback from the public has already been gathered by the BoT as it gears up to amend regulations surrounding financial service security. The focus is on curbing the risks associated with mobile banking apps, which have become increasingly popular yet fraught with security concerns.

 

Prime groups affected by these changes include the elderly and individuals under the age of 15. Considered more susceptible to scams, these users often fall prey to fraudsters who dupe them into sending large sums of money. By instituting a daily transfer limit, the BoT is taking proactive steps to safeguard their financial wellbeing.

 

Beyond limiting transfers for certain users, banks will also be required to enhance their mobile app security protocols. Transactions over 50,000 baht per instance, or exceeding 200,000 baht daily, must incorporate advanced measures like facial recognition and biometric verification to thwart identity theft and unauthorized access.

Moreover, the BoT stipulates that mobile banking providers implement robust security technology to defend against malware and hacking - including ensuring apps do not function on jailbroken devices or those employing outdated operating systems.

 

The announcement of these stringent measures is expected this month. The BoT aims for all non-bank service providers under its oversight to adhere to equivalent security standards by early next year.

 

A step further in regulatory efforts, there's an ongoing discussion regarding the liability of financial institutions in cases of fraudulent transfers. Drawing inspiration from Singapore's Cyber Security Agency, the BoT is considering frameworks that would define institutional responsibility and liability sharing between banks and regulatory bodies in the event of fraudulent activity.

 

The amended regulations will also impose stricter penalties on entities peddling customer data—a significant loophole currently exploited by scammers.

 

In a recent incident, BoT spokesperson Chayawadee Chaianan highlighted a complaint in Udon Thani, where an auditing firm claimed a loss of 2 million baht via mobile banking.

 

The BoT has since instructed the banks involved to meticulously probe the matter, underscoring the urgent need for vigilance on account activity, particularly for business clients.

 

By reforming digital transaction protocols, the BoT is not only fortifying the financial landscape against fraud but also reinforcing trust in Thailand's digital banking future, reported Bangkok Post.

 

-- 2025-01-01

 

 

[topt]

1 hour ago, webfact said:

The plan introduces a daily transfer cap of 50,000 baht for these groups, aiming to shield them from fraud and financial abuse.

 

1 hour ago, webfact said:

and individuals under the age of 15.

Who of course regularly transfer amounts in excess of 50k............

[Tropicalevo]

As always, the devil will be in the details.

[connda]

The scariest words in the world:  "Hi - I'm from the government and I'm here to help!" 

[CallumWK]

More control mechanisms about how you spend YOUR money

[it is what it is]

 

The BoT has since instructed the banks involved to meticulously probe the matter, underscoring the urgent need for vigilance on account activity, particularly for business clients.

 

love this responsibility avoidance. a few years ago i did some work at the ministry of transport, at that time there was a spate of accidents and deaths involving public transport minivans. i was talking to some MOT staff and said effective regulation, licensing and safety checks of minivans/opertors would be beneficial, reducing accidents and improving customer confidence. no need, was the reply from the staff, the minister has told the minivan operators to be more careful in future - so basically, job done. i didn;t want to get into it with them so i left it at that. did anything change? no.

[redwood1]

Hey what happend to the old tried and true, we are going to institute the new XXX financial controls or restrictions to combat money laundering and terrorist....

 

They must be getting bored with the above excuse, that they have run into the ground..........

So now the reason is to protect old people and teens.....How nice... 

 

 

[Liverpool Lou]

1 hour ago, CallumWK said:

More control mechanisms about how you spend YOUR money

...that will not apply to most people but may protect two distinct vulnerable groups.

[Ben Zioner]

The elderly? So if I can't pay Bumrungrad a day before the operation I die?

[KhunBENQ]

Sounds like tightening the rules they tried to introduce a while ago.

Facial recognition for transfer over 50k.

I have accounts at Bangkok Bank, Kbank and SCB.

Kasikorn has changed nothing.

SCB was unable to set up facial recognition for foreigners. Got a waiver.

BKB set up facial recognition and it's a mess. Unreliable to the max. I have given up using them for larger transfers.

Paid my car with a single transfer about 700k from SCB last May.

 

Please do not force that for the other banks.

What is elderly?

I am 67.

[Clapped out]

11 minutes ago, KhunBENQ said:

.....

I am 67.

Only a youth then KhunBENQ.

.

.

.

Only a youth

[Tropicalevo]

4 hours ago, topt said:

 

Who of course regularly transfer amounts in excess of 50k............

 

Mule accounts might.

[Paradise Pete]

 

Is "elderly" defined?

 

[doily19]

Just a funny observation in the use of the acronym 'BoT', for Bank of Thailand. I thought 'Bot' was short for 'Robot'. Or may be there is a connection? 😜

[hotchilli]

11 hours ago, topt said:

 

Who of course regularly transfer amounts in excess of 50k............

Some families use their childrens names to open extra accounts

[hotchilli]

7 hours ago, KhunBENQ said:

Please do not force that for the other banks.

What is elderly?

I am 67.

You're not there yet

[mokwit]

Somehow they didn't mention what is likely the real reason which is use of family member accounts as mule/money laundering accounts.

[nickmondo]

this is a real pain in the bum

yesterday tried to transfer only 50k from Krungsri to BKK, scan failed, a number of times.

so did 45k, no problem.

im using my savings here to live now, exchange rate is rubbish, so instead of O visa, im just going to do the 60 day tourist visa and have more time in countries where the exchange rate is better.

bored with LOS anyway............

[chiang mai]

These controls have been in place for over a year, or did I miss something here?

[Somjot]

8 hours ago, KhunBENQ said:

 

BKB set up facial recognition and it's a mess. Unreliable to the max. I have given up using them for larger transfers.

 

Try to stand in front of a white wall with nothing else to be seen except your face.

 

Never had a problem.

 

[KhunBENQ]

1 minute ago, chiang mai said:

These controls have been in place for over a year, or did I miss something here?

Yes I am still try to find the exact difference/what's new.

[Card]

12 hours ago, topt said:

 

Who of course regularly transfer amounts in excess of 50k............

Those elderly who transfer their pensions every month!!!!!!!

[Card]

9 hours ago, Liverpool Lou said:

...that will not apply to most people but may protect two distinct vulnerable groups.

I'm 75 and I do NOT want such restrictions to my monthly pension transfer. I do not want to be nanny'd

[Card]

30 minutes ago, nickmondo said:

this is a real pain in the bum

yesterday tried to transfer only 50k from Krungsri to BKK, scan failed, a number of times.

so did 45k, no problem.

im using my savings here to live now, exchange rate is rubbish, so instead of O visa, im just going to do the 60 day tourist visa and have more time in countries where the exchange rate is better.

bored with LOS anyway............

I have same problem with my monthly pension transfers from the UK. I have to do it in 2 lots now!

[jippytum]

22 minutes ago, Card said:

I have same problem with my monthly pension transfers from the UK. I have to do it in 2 lots now!

The banks win with these restrictions. you pay more fees if you have to make several transfers for larger amounts above 50k. 

[JoePai]

9 hours ago, KhunBENQ said:

 

 

Please do not force that for the other banks.

What is elderly?

I am 67.

You're fine at only 67, calm down - still a young 'un

[Wuvu2]

13 hours ago, topt said:

Who of course regularly transfer amounts in excess of 50k............

 

The way the retirement visa service companies work is they transfer the 800,000 bhat into a person's bank account for a few minutes and the bank produces the certificate for immigration. Then they have the person transfer it back. I imagine there are other uses of large transfers for big-ticket purchases since cash and checks are depreciated.

[chiang mai]

Some people will complain at any measure intended to protect them. The problem is not the banks or the security measures, the problem is that some folks just like to complain.

[redwood1]

4 minutes ago, chiang mai said:

Some people will complain at any measure intended to protect them. The problem is not the banks or the security measures, the problem is that some folks just like to complain.

 

Its the people who can cant let complainers complain peace that bothers me..

[chiang mai]

2 minutes ago, redwood1 said:

 

Its the people who can cant let complainers complain peace that bothers me..

And what about the people who complain about the complainers, complaining about complainers?