Mobile banking users may need to complete a biometric scan when adjusting the limit for monetary transfers to strengthen security for mobile transactions.
Yos Kimsawas, head of payment systems at Thai Bankers' Association (TBA), said the group collaborated with the Bank of Thailand and other state and private organisations to upgrade related security systems concerning financial transactions, especially mobile banking applications as cybercrime risk escalates.
The TBA held discussions with the central bank on a biometric scan requirement for mobile banking users when adjusting the transfer limit. The extra security step is in addition to the existing personal identification number and one-time password requirements to change a transfer limit.
The requirement is expected to be enforced within two weeks following formal announcement by the central bank.
Mr Yos said the number of mobile banking fraud cases has been increasing as cyber-risks rise, especially from fake mobile apps. Financial crime started to expand in the Thai market since the second half of last year. As of 2022, losses generated by fraud totalled 500 million baht.
Fraudsters use certain tactics to access a phone's accessibility service embedded in the operating system of a mobile phone. Hackers then control the victim's mobile phone to transfer money from the victim's bank account remotely, often when the phone is not in use, said Chatchawat Asawarakwong, chairman of the Thailand Banking Sector Computer Emergency Response Team, a group of financial institutions under the TBA.
Mobile phone users should neither open unknown links nor install unverified apps. They should also avoid unsecured mobile phones to make financial transactions, said Mr Chatchawat. Phone users should keep their mobile banking software fully updated to increase the level of security, he said.
Mr Chatchawat said an imminent law on preventing technology crimes should bolster cybersecurity in Thailand.
The draft law was approved by the cabinet and is expected to be enforced soon. The law also deals with deposit account nominee fraud, another rampant problem for banks. This type of fraud refers to fraudsters using nominees to open deposit accounts and then conducting illicit transactions for them.
