On March 9th, 2023, the Bank of Thailand (BOT) announced additional measures to combat fraud in online banking.
As more and more people shift towards online banking, the risks of fraudulent activities also increase. Therefore, the BOT has taken proactive steps to ensure the safety and security of online banking transactions.
All commercial banks must discontinue, as part of one of the steps, sending short messages (SMS) or emails with links asking recipients for personal information such usernames, passwords, or ID card numbers.
Detect suspicious transactions
Banks must have a system in place that can detect suspicious transactions round-the-clock and notify any such transactions to the Anti-Money Laundering Office so that they can take appropriate action.
This system will be capable of analyzing large amounts of data and detecting any suspicious transactions in real-time. The system will use advanced algorithms and machine learning techniques to identify patterns of fraudulent activities, such as unusual login attempts, multiple transactions to unfamiliar accounts, and large sums of money…
Bank of Thailand takes additional steps against online banking fraud
