Thailand Enforces Shared Responsibility in Financial Fraud Prevention
In a decisive move to combat the escalating threat of financial scams, Thailand has enacted the Emergency Decree on Measures to Prevent and Suppress Technology Crimes (No. 2), effective April 13, 2025. This legislation introduces a shared responsibility framework, holding financial institutions, telecom operators, digital platforms, and individual users collectively accountable for preventing and addressing financial fraud.
Key Provisions of the Decree
Collective Accountability: All stakeholders in the digital financial ecosystem are required to implement robust security measures and cooperate with regulatory authorities. Courts will assess the degree of negligence in each case to determine liability, ensuring that parties failing to meet their obligations bear appropriate responsibility.
Enhanced Security Protocols: Financial institutions and e-wallet providers must adopt stringent security measures, such as biometric authentication for high-value transactions, to safeguard against unauthorized access.
Mule Account Crackdown: The Bank of Thailand has categorized mule accounts into risk levels and prohibited transactions with high-risk accounts to disrupt fraudulent networks.
Telecom and Social Media Oversight: Telecommunication providers are mandated to suspend services linked to fraudulent activities, while social media platforms must promptly remove scam-related content.
User Vigilance: Individuals are urged to exercise caution by avoiding suspicious links, verifying transaction details, and staying informed about common scam tactics.
Deputy Governor Roong Mallikamas of the Bank of Thailand emphasized the importance of personal vigilance, stating that while systemic measures are crucial, individuals must also take proactive steps to protect themselves. The central bank supports the decree's principles and is collaborating with relevant agencies to refine its provisions.
This comprehensive approach aims to foster a secure digital financial environment by distributing responsibility across all participants, thereby enhancing trust and resilience against technological crimes.
