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Friday, March 29, 2024

Bank of Thailand announces new biometric scans for mobile banking

The Bank of Thailand announced new measures to protect consumers from cyber risks in mobile banking transactions. Biometric scans, such as facial scans, will be required for high-value transactions, including digital money transfers of over 50,000 baht per transaction, transfers over 200,000 baht per day, and credit transfer amounts of over 50,000 baht per transaction. Banks must adopt these measures by June, the central bank said on Thursday.

Bank of Thailand governor Sethaput Suthiwartnarueput said the amount of 50,000 baht was chosen because it is a frequent target of fraudsters. While the measures may inconvenience consumers, they will increase security for digital banking transactions, he added.

The central bank also aims to close loopholes and curb fraudsters’ access to consumers by banning financial institutions from sending links via SMS and email, as well as prohibiting…

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