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Cabinet drafts decree to deal with fraudulent online money transfers

Cabinet drafts decree to deal with fraudulent online money transfers

17 Sept 07:19 Key points summarised by AI
  • The Thai cabinet endorsed a draft executive decree to combat rising online fraud, imposing severe penalties on individuals who knowingly facilitate illegal activities by opening bank accounts, e-wallets, or lending SIM cards.
  • The decree empowers financial institutions, businesses, and telecom service providers to exchange critical information regarding transactions and user data to aid in fraud investigations.
  • New provisions allow for the immediate suspension of suspected fraudulent electronic transactions upon a victim's complaint and establish a 48-hour window for victims to file official reports.
  • This legislation aims to address the current legal void that prevents the immediate halting of suspicious financial transactions, following over 114,000 online fraud cases amounting to 22 billion baht.
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