Bank of Thailand Boosts Mobile Security with New Transfer Limits

[statman78]

10 hours ago, KhunBENQ said:

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.

 

I have a Bangkok Bank account had had a lot of problems transferring larger amounts because of the facial recognition requirement.  My wife told me to blink a couple of times when my face was being scanned.  Crazy as it sounds, it works!  Now I have no problems with the facial recognition.

[chiang mai]

Seriously, the banks implement measures to protect you, your account and your money and some people complain. You can still go into any branch and withdraw funds to your hearts content, without limit. But you can't transfer more than 50k using the app, without invoking the security. Whatever is wrong with that?

[Sig]

12 hours ago, it is what it is said:

 

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.

Seems like a perfect opportunity for an entrepreneurial minded person to start a membership organization whose members submit to stricter regulations, which would in turn provide the kind of improvement in safety and customer confidence you mentioned. The company could provide membership perks beyond that too, like collectively bargained insurance rates, collectively bargained gas discounts, help with registration and licensing, emergency roadside assistance services, etc.... Maybe there is already a company like this? There is more than one company like this in America. I would think there'd be at least one company like this in Thailand... but I've never come across it if there is.

[Sig]

8 minutes ago, chiang mai said:

Seriously, the banks implement measures to protect you, your account and your money and some people complain. You can still go into any branch and withdraw funds to your hearts content, without limit. But you can't transfer more than 50k using the app, without invoking the security. Whatever is wrong with that?

Seems like a great idea to me, especially since the extreme majority of users in those age groups virtually never withdraw over that amount. But, I think it should be voluntary, regardless of age group, not automatically applied. Each account holder should be informed of the optional protection service.

[scottiejohn]

13 minutes ago, chiang mai said:

Seriously, the banks implement measures to protect you

And themselves!

[Sig]

14 hours ago, topt said:

 

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

Isn't that exactly the point? They don't. So, why not put a cap on it and if someone somehow gets control of their account, the ne'er-do-weller won't be able to fleece them in one fell swoop. (although, I think it should be an offered option, rather than mandated to be automatic)

[Sig]

13 hours ago, CallumWK said:

More control mechanisms about how you spend YOUR money

Agreed. It's a great idea, but should be optional, not mandated by the government who seems to think that they know better than every individual situation....

[kingstonkid]

14 hours ago, topt said:

 

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

Didn't you realize that every Thai teen is rich

 

What they need to do is teach people how to not be stupid 

[fulhamster]

10 hours ago, Ben Zioner said:

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

Same at many private hospitals.

Show them the money, only then will you be treated

[kingstonkid]

5 minutes ago, Sig said:

Isn't that exactly the point? They don't. So, why not put a cap on it and if someone somehow gets control of their account, the ne'er-do-weller won't be able to fleece them in one fell swoop. (although, I think it should be an offered option, rather than mandated to be automatic)

Most cdn banks have limits on what can be withdrawn or tfr.

 

If you need it changed you just have to call them.

[topt]

59 minutes ago, Wuvu2 said:

 

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.

Which as far as I know has nothing to do with Thai under 15s......

[CallumWK]

1 hour ago, chiang mai said:

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

 

It seems so, or maybe you can tell us when this control was announced over a year ago. When was there a DAILY cap introduced?

 

15 hours ago, webfact said:

The plan introduces a daily transfer cap of 50,000 baht

 

[TigerandDog]

every one of those precautions are already in place. However there are 2 aspects, which as usual due to poor planning that have not been accounted for.  #1. The account holder can log into their banking app and change the daily & individual transaction limits to suit themselves. #2. No consideration given for legit payments that exceed those limits. e.g. annual health insurance premiums, buy a new car etc.

[LALes]

10 hours ago, KhunBENQ said:

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.

When the girls start calling you Grandpa you're there.

[Sig]

3 minutes ago, kingstonkid said:

Most cdn banks have limits on what can be withdrawn or tfr.

 

If you need it changed you just have to call them.

I'm guessing a "cdn bank" is "Canadian"??
I have controls set up on my American accounts (bank and credit cards) where I'll be notified for approval if a transaction is more than a specified amount. The amount is specified by me and optional. It is very easily handled by text message for approval (or maybe it was email... forgot now. It's been a few years since I've needed to give approval...). At any rate, all I needed to do was to click a 'Yes' or a 'No' button and it was dealt with in less than a minute. A small price to pay for safety controls IMO.
The problem with this proposed system is that it doesn't sound voluntary. That's a problem, taking away people's control of their own finances.

[kingstonkid]

4 minutes ago, TigerandDog said:

every one of those precautions are already in place. However there are 2 aspects, which as usual due to poor planning that have not been accounted for.  #1. The account holder can log into their banking app and change the daily & individual transaction limits to suit themselves. #2. No consideration given for legit payments that exceed those limits. e.g. annual health insurance premiums, buy a new car etc.

How many Thai pay cash for car.

 

Again we have to remember that we are dealing with early 21 century thinking and 22 century technology 

[chiang mai]

https://www.bangkokpost.com/business/2525346/banks-agree-to-comply-with-bank-of-thailand-security-measures-by-june?view_comment=1

 

I don't know what anyone else did but my Thai banks (BBL and UOB) insisted on the new selfie security measures way back in 2023, 

[PJUK88]

How old do you have to be to be considered "elderly" ?

And as already pointed out how do you pay a hospital in the case of an emergency?

[chiang mai]

Just now, PJUK88 said:

How old do you have to be to be considered "elderly" ?

And as already pointed out how do you pay a hospital in the case of an emergency?

That issue arose with me in November 2023 when I wanted to pay a hospital 170k, prior to my op. My bank said no, you can't pay a bill of that size because it exceeds the authorised limit.....despite the fact I had 500k in the account. The call center agreed to increase my daily limit to 170k, for one day only, after which it would revert to 50k. Ultimately I decided to pay using my UOB CC which has a 500k limit and there was no problem. The first bank mentioned was Bangkok.

[ChaiyaTH]

Some of my European bank accounts already do this when I send over 2-2.5K euro at once I need to do a quick face scan. I think it works great and certainly don't mind it, it was more work to use these old school identifier machines.

[ChaiyaTH]

6 minutes ago, chiang mai said:

That issue arose with me in November 2023 when I wanted to pay a hospital 170k, prior to my op. My bank said no, you can't pay a bill of that size because it exceeds the authorised limit.....despite the fact I had 500k in the account. The call center agreed to increase my daily limit to 170k, for one day only, after which it would revert to 50k. Ultimately I decided to pay using my UOB CC which has a 500k limit and there was no problem. The first bank mentioned was Bangkok.

Meaning UOB sucks and Bangkok Bank does great. BKK bank simply has logical standard limits by default which you can easily change yourself in a matter of minutes.

[chiang mai]

Just now, ChaiyaTH said:

Meaning UOB sucks and Bangkok Bank does great. BKK bank simply has logical standard limits by default which you can easily change yourself in a matter of minutes.

My story has it the other way around, it was BBL that wouldn't let me pay the 170k bill.

[khunjeff]

1 hour ago, Sig said:

Isn't that exactly the point? They don't. So, why not put a cap on it and if someone somehow gets control of their account, the ne'er-do-weller won't be able to fleece them in one fell swoop.

 

Not in one fell swoop, no, but we regularly see stories in the media about people whose accounts are emptied by the scammers in a dozen consecutive 49k transfers, and the banks apparently don't recognize that as suspicious. 

 

1 hour ago, Sig said:

Agreed. It's a great idea, but should be optional, not mandated by the government who seems to think that they know better than every individual situation....

 

The problem is that so many victims absolutely believe that they know better, and will continue to transfer money even after the bank has explained to them that they're being scammed. And people complain about government restrictions, but after they've been scammed will demand to know "why didn't the government do anything to protect me?" So there are no easy answers.

[statman78]

16 minutes ago, chiang mai said:

My story has it the other way around, it was BBL that wouldn't let me pay the 170k bill.

Not sure what type of account you have but with my Bangkok Bank account I am able to set a daily transfer limit using the app on my iPhone.  I set it as low as 2000 baht and as high as 2,000,000 baht.  I can also set a limit for bill payments and international funds transfers.

[suzannegoh]

2 hours ago, Wuvu2 said:

 

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.

Maybe that's one of the things that they want to stop.

[kingstonkid]

55 minutes ago, Sig said:

I'm guessing a "cdn bank" is "Canadian"??
I have controls set up on my American accounts (bank and credit cards) where I'll be notified for approval if a transaction is more than a specified amount. The amount is specified by me and optional. It is very easily handled by text message for approval (or maybe it was email... forgot now. It's been a few years since I've needed to give approval...). At any rate, all I needed to do was to click a 'Yes' or a 'No' button and it was dealt with in less than a minute. A small price to pay for safety controls IMO.
The problem with this proposed system is that it doesn't sound voluntary. That's a problem, taking away people's control of their own finances.

This may seem harsh but do you allow kids to play with guns setting their own limits

 

Most Thai people especially older have no idea about mobile apps except what their kids tell them.

 

They are so used to being told what to they do so willingly and treating everything as gospel 

 

This ruke protects them from themselves 

[chiang mai]

Just now, statman78 said:

Not sure what type of account you have but with my Bangkok Bank account I am able to set a daily transfer limit using the app on my iPhone.  I set it as low as 2000 baht and as high as 2,000,000 baht

I have a standard passbook savings account, opened a couple of years ago. I also am able to reset limits via my phone but without checking, I don't think the app limit is as high as yours. I also vaguely recall BBL asking me when I opened the account, what limit I wanted and I purposely chose a low limit since it's my daily transactional account....I shall dig deeper and report back.

[chiang mai]

12 minutes ago, statman78 said:

Not sure what type of account you have but with my Bangkok Bank account I am able to set a daily transfer limit using the app on my iPhone.  I set it as low as 2000 baht and as high as 2,000,000 baht.  I can also set a limit for bill payments and international funds transfers.

My app has a daily limit of 50k, beyond which the scan is mandatory. I can however change the withdrawal limits, as per the ones you quoted but doing so invoked the face scan, if over 50k.

[CallumWK]

18 minutes ago, statman78 said:

Not sure what type of account you have but with my Bangkok Bank account I am able to set a daily transfer limit using the app on my iPhone.  I set it as low as 2000 baht and as high as 2,000,000 baht.  I can also set a limit for bill payments and international funds transfers.

 

 

[patman30]

Those of us from the west should know where this is heading