Recently, the attention to combating telecommunications fraud in Thai society has been increasing. The Bank of Thailand (BOT) has recently issued new regulations on ensuring the security of financial services and mobile payments for financial institutions, including new adjustments to the use of mobile banking.
The new regulations require that each financial institution limits the use of each mobile banking service to one user account and restricts the use of such services to only one device per user. This regulation has caused panic among the public and led to misunderstandings, which the Bank of Thailand has clarified.
The Bank of Thailand stated that the aforementioned regulation requires that mobile banking accounts of each financial institution can only be used on a single device, but it supports displaying each account of the financial institution; it is just that the mobile banking account can only support one mobile device. For example, if you register for Kbank mobile banking and install it on a phone, it cannot be used with an iPad simultaneously.
Furthermore, the central bank added that the standards for maintaining the security of mobile financial services and payments mainly include two measures:
1. Preventing unauthorized payment fraud;
2. Maintaining the security of mobile banking services, meaning that financial institutions must at least prevent unauthorized payment fraud.
