Thailand bank is set to apply a measure of limiting money transfer to THB 50,000 (USD USD 1,400) per day by 2025, to prevent online scamming rate.
According to Thai media, the country is now facing the high rate of online fraud compared to the previous years, marking over 24,000 cases of loss with THB 2,800 million (USD 78.4 million) in June alone.
In response, the Bank of Thailand (BOT) will impose stricter daily transfer and payment at THB 50,000 (USD 1,400) a day and will apply to only those in vulnerable groups that are mostly targeted by scammers including the elderly aged up to 65 year-old and minors under 15 years of age.
The measure aims to block fraudsters from quickly moving stolen funds and to reduce risks for vulnerable groups, especially children and the elderly, with limits set based on customer risk profiles and past transactions.
However, those who need urgent transfers or higher limits can request adjustments via official channels such as mobile banking apps, call centers, or bank branches.
The BOT emphasized that elderly customers, who are especially vulnerable, will receive tailored transfer limits suited to their regular usage, though they may still opt to retain their original limits.
These measures are part of the central bank’s wider campaign to tackle financial fraud and shield consumers from increasingly sophisticated scams targeting online banking.