Thailand Enforces Daily Transfer Limit to Tackle Online Fraud

Thailand implements a daily limit on online bank transfers, aiming to combat financial fraud affecting vulnerable groups such as children and the elderly. The new regulation by the Bank of Thailand seeks to curb the tide of online scams plaguing Southeast Asia, particularly benefiting those at risk.

Thailand's banking sector is taking decisive action to crack down on online fraud with new regulations introduced by the Bank of Thailand. This involves imposing a daily transfer limit of 50,000 baht ($1,537) on several online transactions, targeting the prevention of financial fraud.

Aimed at protecting vulnerable customers, including children and seniors, this measure hopes to combat the growing industry of digital scams. The adjustments align with demands for banks globally to adopt more proactive consumer protections.

Daranee Saeju, the assistant governor overseeing Payment Systems Policy and Financial Consumer Protection, elaborated on how this regulation aims to stymie large monetary transfers from criminals, boosting recovery prospects for victims. The rule applies variably according to customer risk profiles under KYC assessments and will gradually cover all mobile and internet banking customers within the year.