Be sure before sharing CyberUpdate??: Banking Association – Financial Institutions Ready to cooperate with the Bank of Thailand to control and prevent money transfer fraud

The Thai Bankers Association and the Association of State Financial Institutions The statement confirms that it is ready to comply with the BOT's financial fraud management measures by gradually adjusting various services to comply with the measures within the timeframe. Verify the collection of face data to verify identity is subject to the law and customer confidentiality.

Bangkok, March 10, 2023 – The Thai Bankers Association and the Association of State Financial Institutions Press release in conjunction with The Bank of Thailand (BOT) confirms readiness to take measures to deal with financial fraud. Both prevention, detection, and response and coping

by Miss Siritida Phanomwan Na Ayudhya, Assistant Governor The Bank of Thailand's Payment Systems Supervision and Financial Consumer Protection Division said, “We have invited executives of financial institutions to a meeting to discuss and urge all financial institutions to expedite the implementation of such measures. and prepare to support the implementation of the Royal Decree on measures for the prevention and suppression of technological crimes which has received good cooperation from all financial institutions”

The Bank of Thailand's financial fraud management measures are divided into three areas:

1. Defense to close the way that crooks can reach the public By canceling all types of links sent via SMS, e-mail and not sending links requesting important information. Limit the Mobile Banking account of each financial institution. Only 1 account can be used per 1 institution. Biometrics technology is used to compare personal identity information to verify identity when conducting transactions via Mobile Banking with a minimum transfer of 50,000 baht. 2.

Account detection and tracking or suspicious transactions so that the financial institution can help limit the damage There is a 24-hour detection-tracking system to immediately suspend illegal transactions.

3. Response and handling to deal with the problem for the victims faster There is a 24-hour urgent contact channel that is separate from normal service channels. along with supporting the work of the staff

Mr. Payong Srivanich, Chairman of the Board of Directors of the Thai Bankers' Association, said, “The Thai Bankers' Association and its member banks Recognizing the impact of escalating financial threats while enhancing the security of the banking sector to deal with and manage online financial threats According to the guidelines for handling financial fraud that have been discussed with the BOT to better, for example,

prevention , the banking sector has cooperated to refrain from sending SMS messages with a link to contact customers during this period. and continually developing a system to prevent fraudulent transactions.

Detection Member banks are in the process of using technology to help detect suspicious transactions as quickly as possible. By jointly designing and developing a system for exchanging fraudulent information in the banking sector (Central Fraud Registry) to be able to exchange account information. Suspicious transactions and horse accounts between banks to follow up to prevent damage that may occur

response and copingProvide an urgent contact channel (Hotline) 24 hours a day, 7 days so that victims can directly report the incident. At present, many member banks have started their operations.”

“As for other measures with complex systems that take time to develop, the association and member banks will speed up and complete them within the timeframe. In addition, it is ready to cooperate with other relevant agencies such as electronic wallet providers (E-wallet), mobile network operators. To jointly drive the solution of financial fraud effectively. And cover the entire end to end ecosystem that fraudsters like to use to deceive.

Mr. Thuanthong Trinuphap, representative of the Association of State Financial Institutions, said, “Because most of the customers of state financial institutions are retail customers. which has a high risk of being scammed It is therefore important to ensure safety in using financial services for customers. The association and its member financial institutions are ready to cooperate with the BOT and in the past, this has been a continuous guideline. Especially not sending links to customers and people. And the data will be analyzed to find a way to develop a protection system in the future. The use of technology to solve financial fraud problems will accelerate the development of the banking system to be better for people to use conveniently and safely.”

“This time, the association and member financial institutions will cooperate to speed up the implementation of the measures of the BOT to be on time. to prevent damage that may occur promptly Because the threat of corruption is diverse and changing rapidly. At the same time, it continues to continue to educate, understand and disseminate accurate information to the public. to be aware of the scams of crooks And is ready to fully cooperate with all relevant agencies to solve such problems.

The Bank of Thailand, the Thai Bankers' Association and the Association of State Financial Institutions It is expected that the issuance of such measures will make people more aware of cyber threats. and can effectively enhance the financial risk management of various financial institutions

Source: Thai News Agency