Mobile restrictions mulled for seniors and teenagers
PUBLISHED: 1 Jan 2025 at 05: 14
The Bank of Thailand ( BoT ) intends to improve mobile banking security measures by preventing certain groups of people from sending more than 50, 000 baht per day, such as teenagers and the elderly.
The BoT has finished taking people opinions on the change to its laws, according to a cause from the Thai Bankers Association. The article seeks to strengthen the limitations on cheerful transfers made via mobile banking apps in order to increase the security of financial services.
Because they are considered prone groups and are susceptible to being simply persuaded or greatly affected in cases of swindlers tricking them into transferring funds, the BoT wanted to have a restriction in place so they can’t transfer more than 50, 000 baht per day.
In situations where money transfers exceed 50, 000 ringgit at once or more than 200, 000 ringgit a day, banks that offer mobile banking services has also enhance the steps of mobile banking transactions by including genetic forgery detection and face recognition technology.
In order to stop customer data leaks, the BoT wants to require smart banking service companies to develop technologies that prevents their mobile applications from being hacked or corrupted.
Additionally, the BoT does not want mobile banking apps to work on patched phones or those with outdated operating systems because they let criminals control the equipment electronically, according to the cause.
The BoT, according to the source, is expected to make these changes within the month and may require non-bank services providers under its control to raise the same specifications by the first quarter of this year.
Important organizations are using case reports from Singapore’s Cyber Security Agency to determine the criteria and range of complicity in light of a law change intended to limit the liability of financial institutions for damages brought on by illicit money transfers. If there is a weakness in any method, that firm may be held jointly liable for the victim’s loss so that banks do not bear sole duty, said the cause.
The amendment will even impose more sanctions on individuals or businesses that sell consumer data because it is a significant flaw that makes it possible for people to fall for scammers.
In related news, Chayawadee Chaianan, BoT director, cited a situation in Udon Thani where an accounting firm filed problems on Dec 26 against three institutions after allegedly losing 2 million bass via mobile bank.
She claimed that the BoT had instructed the three businesses to move the inspection along more quickly. They are looking into the position more and have so far discovered no transactions made by the money-stealing schemes. The BoT recommended that the investigation of strange money exchange activity and client notification be stricter, particularly for business accounts.