Thailand’s Digital Economy and Society (DES) Ministry plans to introduce a new law aimed at curbing the rise in mobile phone scams, establishing shared responsibility between mobile operators and banks.
This move follows a notable rise in financial losses, which have exceeded 70 billion baht in the last two years.
The upcoming law will mandate accountability for operators and financial institutions when their customers are defrauded online.
DES Minister Prasert Chantaruangthong informed the Krungthep Turakij newspaper that amendments are being made to the Prevention and Suppression of Technological Crime Act to tighten penalties for online criminals, hasten refunds for victims, and tighten controls on personal data trading.
Prasert confirmed, “I have signed the draft proposal, and it is now under review by the decree committee. If passed, it will be presented to the Cabinet for approval and subsequently enacted as a Royal Decree.”
“The government is committed to addressing this critical issue, which poses a significant threat to both the economy and national security.”
“We aim to implement these measures by the end of this year as a ‘New Year’s gift’ to the public, or at the very latest, by January of next year,” he added.
The amendment aims to bolster the accountability of financial institutions, especially concerning fraudulent digital transactions.
Additionally, mobile network providers are required to enhance their systems to prevent criminals from exploiting their networks.
Moreover, the DES Ministry is enhancing public education on scammer tactics to prevent online fraud.
Efforts are also underway to eliminate vulnerabilities exploited by offenders, such as money laundering through “horse accounts” and use of “ghost SIMs” (SIM cards under fake identities), along with initiatives to curb the illegal sale of SIM cards.
The DES Ministry’s records show a significant rise in online fraud, with 739,494 cases reported between March 1, 2022, and November 30, 2024, resulting in 77.36 billion baht in losses.
In November 2024 alone, there were 31,353 reported cases, leading to financial damages of 2.54 billion baht.
The ministry has taken action against fraud by suspending over 560,000 accounts and freezing funds amounting to 8.62 billion baht since March 2022.
