Thai Central Bank Fights Back Against Digital Scams After Public Losses of THB 98 Billion
The Bank of Thailand has eradicated ‘money-sucking apps’ and disabled millions of fraudulent accounts in its ongoing campaign to tackle surging online fraud
- The Bank of Thailand (BOT) is actively combating a wave of digital scams that cost the Thai public nearly THB 98 billion in a single year.
- A key challenge is the speed disparity, where scammers transfer stolen funds in just three minutes, while victims often take over 18 hours to realize they have been defrauded.
- The BOT's multi-pronged strategy includes a Central Fraud Registry (CFR) to trace money trails faster and a new Cyber Crime Emergency Decree to give authorities more power.
- These efforts have already shown success, including the elimination of "money-sucking apps" and the handling of over 2.8 million mule accounts, contributing to a reduction in financial losses.
The Bank of Thailand (BOT) has revealed its success in combating a wave of online financial fraud that cost the Thai public nearly 98 billion baht in a single year.
Speaking at the BOT Symposium 2025 on Friday, Governor Sethaput Suthiwartnarueput detailed the central bank's efforts to close loopholes and fight back against scams.
The governor highlighted a major challenge: victims often take an average of 18 hours to realize they have been scammed, but the stolen money is transferred out of the system in just three minutes.
"The problem is, victims usually find out too late, more than 18 hours after the fact, while the money has already been transferred in just 3 minutes," he stated. This speed gap makes freezing accounts a race against time.
The surge in financial fraud is a side effect of the country's rapid adoption of digital finance. Thailand's PromptPay system, used by over 70% of the population, now handles more than 76 million daily transactions worth over 144 billion baht.
While this has brought convenience and economic opportunity, it has also created an environment ripe for scams. Since 2022, over a million people have filed police reports related to online fraud.
The BOT, in partnership with other agencies, is implementing a multi-pronged strategy.
This includes using technology to improve detection systems with a new Central Fraud Registry (CFR) that can trace money trails and freeze accounts more quickly.
The bank has also successfully lobbied for the Cyber Crime Prevention and Suppression Emergency Decree to give authorities more power to act.
"We have worked to strengthen the financial fraud management system and make it more systematic," Governor Sethaput said.
These measures are already showing positive results. The so-called ‘money-sucking apps,’ a form of unauthorized fraud, have been completely eliminated since the start of 2025 after a peak of 7,444 cases in 2023.
Additionally, the BOT has dealt with over 2.8 million mule accounts—a key factor in a recent 3.3 billion baht reduction in fraud-related losses.
"We have dealt with over 2.8 million mule accounts, which has contributed to a reduction in damages," he noted.
Despite this progress, the central bank acknowledges that financial risks will continue to evolve.
Governor Sethaput emphasized the need for ongoing collaboration between the public, society, and the financial system to build a resilient and secure digital environment for all Thais.
"I hope this exchange of knowledge will not only raise awareness but also inspire us to work together to create a balanced digital financial system that meets everyone's needs, is secure, and is accessible to all Thais," he concluded.
BOT's Key Policies and Framework
The BOT's strategy to combat digital fraud is based on a three-part framework: Technology, Regulation, and Data.
Technology: The BOT is focusing on enhancing its fraud detection systems. It is developing more accurate and timely systems using interbank transaction data and the Central Fraud Registry (CFR). The CFR itself is being upgraded with Application Programming Interfaces (APIs) to automate and speed up the process of freezing fraudulent accounts, aiming to cut off scammers' money trails as efficiently as possible.
Regulation: The central bank is working to establish consistent security standards across all financial service providers. It is also pushing for clearer authority and accountability for different parties involved in the fraud chain. A major policy initiative is the Cyber Crime Prevention and Suppression Emergency Decree, which aims to provide a clear legal framework and define the responsibilities of various sectors.
Data: The BOT is tackling the lack of complete information by promoting system-wide data sharing and analysis. It is working to link data across banks, non-banks, and digital asset exchanges through the Central Fraud Registry. This is complemented by an improved, user-friendly system for reporting crimes via the AOC 1441 hotline, aiming to get more victims to report incidents and provide crucial data for tracking and prevention.
