To address the increasing risks of online fraud, the Bank of Thailand (ธปท.) plans to introduce new mobile banking security standards by the end of January 2025.
These new regulations will set a daily transfer limit of 50,000 Thai Baht for minors under the age of 15 and elderly users, while also requiring banks to enhance the use of biometric technology to verify the security of large transactions.
The main content of the new regulations includes prohibiting access to mobile banking applications from outdated systems or jailbroken devices, and pushing service providers to improve security standards.
These measures aim to reduce the risk of users' assets being compromised by cybercriminals, while also promoting further optimization of security technologies in the financial industry, protecting consumer rights, and maintaining the stability of the financial system.
With the widespread adoption of mobile banking, Thailand has seen a continuous increase in online fraud cases, especially targeting groups with weaker technological defenses, such as minors and the elderly.
The Bank of Thailand noted in its announcement that these groups are more susceptible to becoming targets of fraudsters, thus requiring additional protective measures.
The Bank of Thailand has sought public feedback through its official website and plans to officially implement the new regulations by the end of January. These regulations are intended not only to protect the property safety of high-risk users but also to provide clearer risk control guidance for banks and financial institutions.
Industry experts believe that this initiative will effectively reduce the economic losses caused by online fraud for high-risk users, while also helping to enhance the overall security of the mobile banking system.
The public anticipates that the implementation of the new regulations will further consolidate the trust and stability of Thailand's financial system, paving the way for the long-term development of digital finance.
