BoT to Overhaul Account Freezing Rules After Errors

The Bank of Thailand is tightening its oversight of account freezing procedures after customers experienced technical glitches and negative balances when police orders exceeded available funds. In some cases, balances displayed as negative due to system errors, alarming account holders who had done nothing wrong. Banks have been told to compensate affected users, speed up the release of money for those cleared, and improve transparency in communication. Authorities stressed the need to balance fraud prevention with protecting innocent customers. The move is aimed at restoring confidence in the banking system while cracking down on scams.

 

 

7 hours ago, Video News said:

 

 

BoT to Overhaul Account Freezing Rules After Errors

The Bank of Thailand is tightening its oversight of account freezing procedures after customers experienced technical glitches and negative balances when police orders exceeded available funds. In some cases, balances displayed as negative due to system errors, alarming account holders who had done nothing wrong. Banks have been told to compensate affected users, speed up the release of money for those cleared, and improve transparency in communication. Authorities stressed the need to balance fraud prevention with protecting innocent customers. The move is aimed at restoring confidence in the banking system while cracking down on scams.

 

Wow.  This sounds like a rather big deal for some people.  I wonder if they'll all be made whole?

4 minutes ago, impulse said:

 

Wow.  This sounds like a rather big deal for some people.  I wonder if they'll all be made whole?

Looks like the main risk is if you receive payments into your bank account from people who have allowed their account to be used by the scam gangs?

 

So if you rent out a condo and receive payment on line, or if you receive a refund from a returned product, you could be at risk of having your account frozen.