Bank of Thailand Issues Warning Against Digital Fraud

Thailand’s Central Bank has warned consumers to be cautious of giving out personal information online due to online fraud. The Bank of Thailand reports online fraud as incidents have been on the increase because of the pandemic pushing people towardshttps://t.co/F6qTXEkVqs

— CTN News (@chiangraitimes) October 12, 2021

The central bank of Thailand advised individuals not to accept information that appears fake, nor to perform financial transactions based on false information. “People should scrutinise any suspicious transactions by rechecking with financial institutions directly”, she said.

While the bank cooperates with financial institutions to raise awareness of digital scams, consumers have also been advised to restrain sharing their personally identifiable information and official documents with others, Ms Siritida said.

Financial institutions typically employ digital identity verification solutions to validate the identity of customers, prior to enabling transactions. As a result, fraud is detected during the initial stage of onboarding. 

Additionally, the Central Bank of Thailand announced plans to collaborate with financial institutions for the promotion of financial literacy among the consumers, which in turn will prove as an effective strategy for combatting fraud. 

Suggested Read: ID Verification for High-Potential Digital Fraud Cases