Bangkok [Thailand], April 14: An emergency decree that took effect in Thailand on April 13 requires financial institutions, telecommunications companies and social media platforms to share responsibility for preventing fraud.
Under the new decree, financial institutions and businesses in Thailand must now provide information about financial accounts and transactions suspected of being involved in fraud, and must freeze suspicious accounts and transactions, the Bangkok Post reported on April 13.
Telephone and telecommunications service providers must screen messages that may be related to fraud, and the Office of the National Radio and Telecommunications Commission of Thailand must stop telecommunications services if there are signs of fraud.
Thailand's Minister of Digital Economy and Social Affairs Prasert Jantararuangtong said the new law aims to protect people from the risk of losing their assets due to sophisticated scams through phones and digital platforms.
Financial institutions, telecommunications operators and owners of social media platforms who do not comply with anti-fraud measures will be subject to fines of up to 500,000 baht (about 384 million VND). Any individual responsible for non-compliance faces up to a year in prison and can be fined 100,000 baht.
Those who do not sign up for mobile phone service to prevent fraud; Those who collect, disclose or use the data of the deceased to defraud will face up to a year in prison and may be fined 100,000 baht.
Source: Thanh Nien Newspaper