Stricter measures to foil mobile banking frauds
Telecom and banking regulators as well as banks and mobile phone operators have come up with five measures designed to boost consumer confidence in online banking transactions.
The measures will require cooperation from all parties, including mobile phone users.
The meeting took place today following mishaps. Attending the meeting were representatives from the National Broadcasting and Telecommunications Commission, the BOT, the Thai Bankers' Association, and Telecommunications Association of Thailand.
The first measure requires a common protocol for mobile users' identity verification. A set of rules will also be in place, requiring mobile operators to monitor users' identification and the regulator to keep close tap on their operations.
Second, commercial banks and mobile operators will join hands in a campaign, to alert all customers subscribing to mobile banking, Internet banking and PromptPay services to notify their banks in case of mobile phone losses and seek new SIM cards from their mobile phone operators.
Third, customers are not liable to any damages, if properly suspending the online services.
Fourth, while direct communications channel is still missing, commercial banks will notify mobile phone operators with service suspension reports.
Fifth, mobile phone users cannot authorise other individuals to obtain new SIM cards which support mobile banking and Internet banking services.
Last month, a Kasikornbank customer who subscribes to TrueMove H mobile phone service reported the stealing of nearly Bt1 million from his bank account, by someone who stole his mobile phone identity and had access to his mobile banking account. He was compensated later.
The Thai authorities are fearful that such cases would derail the government's national e-payment scheme, which is designed to reduce cash-based transactions.
