BANGKOK, Oct 19 (TNA) – The Bank of Thailand and the Thai Bankers’ Association impose additional measures to tackle fraudulent and hidden withdrawals from credit and debit card accounts.
In their joint statement, BOT and TBA said that since early this month they had found suspicious transactions through 10,700 card accounts, mostly debit card ones.
To cope, they expand their systems to detect irregular transactions that concern small sums and recur repeatedly. Banks will immediately suspend card usage and notify affected customers via all channels.
Customers will be informed of all transactions through mobile banking systems, emails and SMS.
Damaged owners of debit card accounts will receive refunds in 5 working days. For credit card users, banks will cancel fraudulent transactions. Customers will not have to make payments for such transactions and banks will not charge them any interest.
BOT and TBA will demand the operators of fund transfer networks like Visa and Mastercard impose additional identification requirements such as those for one-time passwords (OTPs) for withdrawals from debit card accounts to online vendors. (TNA)