Bangkok: Financial crimes have resulted in losses approaching 100 billion baht for those who have reported them, as the Bank of Thailand (BoT) calls for increased self-protection against financial threats linked to technological advancements.
According to Thai News Agency, research indicates that damage is widespread, with only 10% of victims reporting incidents. Since 2022, over 1 million victims have filed complaints, with total damages estimated at nearly 98 billion baht.
At the 2025 Bank of Thailand Academic Seminar on "Financial Security: Towards Safer and More Inclusive Digital Finance," BoT Governor Sethaput Suthiwatnarueput highlighted the rapid development of digital finance over the past decade. Fast payment systems, like Thailand's widely-used PromptPay, have significantly altered financial lifestyles, facilitating over 76 million transactions daily with an average transfer value exceeding 144 billion baht.
These advancements offer new opportunities for economic participation at reduced costs, enabling small entrepreneurs and workers to operate more efficiently. However, they also introduce increased financial risks. The BoT has been working with various financial sector agencies to strengthen threat management, though challenges remain. A recent issue with mule accounts revealed that some measures, like the Emergency Decree on Measures to Prevent and Suppress Technology Crime, have inadvertently impacted honest individuals involved in money transfers.
In response, the BoT has partnered with the Technology Crime Suppression Division to accelerate account suspensions and improve mechanisms to minimize impact on individuals. Aiming to implement these measures by month's end, the BoT seeks to bolster public confidence in digital payment systems through a framework for safer and more inclusive digital finance.
The increasing prevalence of financial threats, such as authorized push payment fraud, underscores the need for improved oversight. Research shows only 10% of victims report incidents, complicating efforts to distinguish between honest and fraudulent activities. The BoT emphasizes the importance of addressing data-related issues, promoting data sharing and analysis, and enhancing public information mechanisms.
To combat fraud, the BoT and its partners have established the Central Fraud Registry database and developed a more convenient reporting system via AOC 1441. These efforts have led to positive outcomes, including a reduction in unauthorized fraud cases and mule accounts. Despite these advances, financial risks will continue to evolve, necessitating collective efforts to ensure resilience and stability in Thailand's digital finance landscape.