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Monday, June 17, 2024

New Measure to Protect Mobile Banking Users from Scams


In a bid to shield mobile banking users from the perils of scams facilitated by “ghost” SIM cards and “mule” bank accounts, the Ministry of Digital Economy and Society (DES) is set to implement a new safeguarding measure.

Commencing tomorrow, mobile banking customers will be required to ensure that the names registered on their SIM cards align with those on their mobile banking accounts, as articulated by DES Minister, Prasert Jantararuangtong.

Should a discrepancy arise between the two, Minister Prasert emphasized the necessity for account holders to promptly liaise with their mobile service providers to rectify the situation by aligning the registration details, thereby facilitating the activation of mobile banking services.

Despite potential limitations on mobile banking access resulting from name mismatch issues, bank customers can continue utilizing traditional avenues such as bank books or ATM cards for their financial transactions without disruption.

Revealed by the DES Ministry, statistics indicate a substantial discrepancy, with approximately 30 million out of 106 million mobile banking users having names on their accounts that don’t correspond with the SIM card registration.

Anticipating a significant impact, Prasert disclosed projections suggesting that the new measure could potentially deactivate around 100,000 “mule” bank accounts monthly, among an estimated one million such accounts.

Further initiatives are under discussion, with plans to fortify the measure in collaboration with the commerce minister, particularly in light of emerging tactics wherein scammers establish “mule” bank accounts under fictitious entities.

Commercial banks, in tandem with governmental efforts, have also ramped up preventative measures against mobile banking fraud. These include enhanced protocols for new account openings and the integration of biometric authentication for mobile banking transactions ranging from 50,000 to 100,000 baht.

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