8-1-2025 (BANGKOK) Thailand’s government is set to introduce stringent new regulations that will hold banks and telecommunications companies accountable for customer losses resulting from fraudulent activities.
The Minister of Digital Economy and Society announced Tuesday that an executive decree, expected to be implemented by month’s end, will mandate financial institutions and mobile operators to compensate users who fall victim to scams through their services.
Speaking at a press briefing in Bangkok, Minister Prasat emphasised that the measure is crucial for safeguarding public interests amidst growing concerns over digital fraud. “Financial institutions can no longer turn a blind eye to suspicious account activities that enable criminal enterprises,” he declared.
Under the new regulations, banks will be required to conduct more thorough background checks on customers opening accounts, particularly focusing on individuals attempting to open multiple accounts without clear justification. “We must question why unemployed individuals are opening numerous bank accounts,” Prasat stated, highlighting concerns over money mule operations.
The decree also targets mobile phone operators, who will be required to implement robust filtering systems for potentially fraudulent SMS messages. The minister criticised current practices where operators prioritise revenue by indiscriminately forwarding all text messages, regardless of their potentially harmful content.
