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Monday, February 26, 2024

Thai Banks Reaffirm Security Amidst App Scare

The Thai Bankers’ Association has issued a reassuring statement regarding the security and stability of banking applications in Thailand. This announcement comes in response to recent concerns raised following the arrest of an individual selling software designed to facilitate fund transfers and bypass facial recognition security measures for transactions exceeding 50,000 baht each time.

The incident prompted the Thai Bankers’ Association to conduct a thorough inspection of the banking sector’s systems, with a focus on bolstering security measures to safeguard customer accounts and personal information. It was underscored that such unauthorized software cannot be utilized on regular customer accounts without obtaining complete access to an array of personal data. This sensitive information includes bank account numbers, national ID numbers, mobile phone SIM cards, and the devices used for mobile banking. Furthermore, gaining access to personal banking accounts also necessitates identity verification data such as PINs (Personal Identification Numbers), One-Time Passwords (OTPs), and facial scans.

In the reported incident, the individuals behind the fraudulent activities targeted so-called “mule accounts” with the consent of the account holders. This allowed them to access a wealth of personal information and conduct unauthorized transactions.

To address these security concerns, the Thai Bankers’ Association reaffirmed that any fund transfers exceeding 50,000 baht per transaction or 200,000 baht per day would still require facial recognition verification, in accordance with the standards established by the Bank of Thailand. The case in question involved a deliberate attempt to circumvent the mandatory facial scan verification.

The Thai Bankers’ Association emphasized that the mobile banking systems of all banks in the country are secure and stable. Commercial banks remain deeply committed to enhancing user security by making continuous investments in the strengthening of security protocols.

Despite their confidence in the current security measures, both the Thai Bankers’ Association and its member banks acknowledge the evolving and increasingly sophisticated financial threats. They have pledged to prioritize the security of financial transactions and the protection of customers’ personal data. To this end, they maintain close collaboration with relevant agencies to establish more robust financial risk prevention and management guidelines, ensuring the ongoing safety of the country’s financial sector.

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