Bank of Thailand introduces new security measures to mitigate financial fraud
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On March 9, the Bank of Thailand (BOT) announced new measures to increase security for digital banking transactions after discussions with financial institutions in preparation for the new measures. High-value mobile banking transactions will be required to use biometric scans for a greater number of services to protect consumers from cyber-risks. Prior to the announcement of the new measures, mobile banking apps were required to use biometric technology for deposit account opening. A facial scan will now be needed for digital money transfers over 50,000 baht (US$1,465) per transaction; transfers over 200,000 baht (US$5,861) per day; and credit transfer amount changes over 50,000 baht (US$1,465) per transaction. According to BOT governor Sethaput Suthiwartnarueput, the BOT chose these benchmarks based on what amounts fraudsters have frequently targeted. Additionally, commercial banks will be required to have a 24-hour hotline for customers who suspect they are victims of fraud and report suspicious transactions to the Anti-Money Laundering Office to temporarily suspend accounts. Banks will be required to comply with the new cybersecurity measures by June.