The Thai Bankers’ Association (TBA) issued a warning in February stating that internet scams generated approximately 500 million baht in revenue last year, mostly by luring individuals into clicking on a link that installed malware on their computer or phone.
The new app-based alert service’s signing ceremony was overseen by Minister of Digital Economy and Society Chaiwut Thanakamanusorn on Wednesday. There were also representatives from the 16 banks and the Bank of Thailand (BOT).
By educating the public and keeping them informed of the newest advancements in cybercrime prevention, according to Chaiwut, the collaboration broadens efforts to prevent cybercrime. By working with the BOT to use the Pao Tang application, which has more than 40 million users, as an online channel for warning users about frauds in late 2022, the ministry set the precedent.
The ministry’s Anti-Fake News Centre is in charge of the new partnership and will give the banks access to fake news databases so they can warn their consumers about financial fraud and scams through internet and other means.
The 16 participating banks are Land and Houses Bank, Standard Chartered, Bank of China, ICBC, and the Government Savings Bank. Bangkok Bank, Krung Thai Bank, Kasikornbank, CIMB Thai Bank, TMB Bank, Siam Commercial Bank, Thanachart Bank, TISCO Bank, Krungsri Consumer, and UOB are also included.
The signing ceremony on Wednesday comes after a royal order was issued on measures to combat technology-related crime, which became operative on March 17.
In an effort to combat scams, banks have also stopped distributing all kinds of links via SMS and emails and are now warning customers before every mobile banking transaction. Over 167,000 suspect phone numbers have been blocked by the National Broadcasting and Telecommunications Commission and service providers, according to Chaiwut. The Anti-Money Laundering Office has also given the banks a list of high-risk people or those who need to be watched, including holders of nominee accounts, he continued.
