Thai central bank claims Bt100bn lost to online scams in 2022 alone

11 Sept 01:59 Key points summarised by AI

Thai citizens lost nearly 100 billion baht to online scams in 2022, predominantly via the widely used Prompt Pay digital payment system, with over one million complaints filed.
While digital finance has surged, offering convenience and lower costs, this advancement also presents heightened risks from sophisticated scamming activities globally.
Scammers rapidly transfer stolen funds to mule accounts within three minutes, yet victims typically discover the fraud 18 hours later, severely hindering recovery efforts.
The Bank of Thailand is collaborating with cybercrime agencies to streamline the freezing of suspected mule accounts and is developing a Central Fraud Registry to enhance data sharing and complaint processing among financial institutions.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.