Move to boost security for mobile banking
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THE EFFORT to improve the security of mobile banking transactions to boost consumer confidence in using them has taken a step in the right direction after major players in the initiative vowed to work more closely in launching relevant measures.
The announcement came as the National Broadcasting and Telecommunications Commission (NBTC) plans to launch a fingerprint proofing system with telecom companies to verify the owners of mobile-phone numbers by early next year.
The NBTC, the Bank of Thailand, the Thai Bankers’ Association, and the Telecommunications Association of Thailand (TCT) reached an agreement yesterday to launch five short-term measures designed to boost consumer confidence in using mobile banking, Internet banking, and PromptPay services.
They met to discuss measures aimed at achieving that amid mounting concerns over the security of the electronic transaction system.
According to the measures, the involved parties will seek a common practice to verify the identity of the mobile-phone users. Then the NBTC will instruct telecom companies to proceed strictly with the practice of verifying their subscribers’ identities.
Commercial banks and mobile-phone operators will jointly inform users of mobile banking, Internet banking, and PromptPay services that if they lose a mobile device, they have to inform their bank urgently to cancel the service and get a new SIM card.
If service users can prove that they told a bank to suspend their mobile banking, Internet banking, or PromptPay services after losing a device, they will not be held responsible for any damage.
Banks will inform telecom firms what phone numbers are used for mobile banking, Internet banking and PromptPay services so operators will pay more attention to these numbers.
Request for new SIM card
When requiring a new SIM card, a mobile-phone subscriber using mobile banking, Internet banking or PromptPay services will have to make a request for the new card – they cannot authorise another person to do that.
Suphachai Chearavanont, president of the Telecommunications Association of Thailand, said the telecom and banking industries would collaborate to step up their security systems.
Ronadol Numnonda, BOT assistant governor for the Supervision Group, said the central bank would try to create more confidence in online banking services by giving more information to people on how to apply for PromptPay so it was more secure.
Thai Bankers’ Association chairman Predee Daochai said he was confident the PromptPay system was secure.
However, he admitted that online fraud and online theft were increasing.
His association and the BOT are working closely on the issue, he said.
