In a determined move to tighten the reins on illicit activities, the government is ramping up efforts to tackle the rampant misuse of mule accounts and nominees in online transactions. This comes as part of a broader initiative to secure mobile banking systems and protect consumers. Deputy government spokesman Karom Phonphonklang announced on Saturday that the Ministry of Digital Economy and Society (DES) is rolling out robust security measures aimed at preventing the nefarious use of mule accounts—often a conduit for unlawful dealings.
The new regulation mandates that the name linked to a mobile banking account must synchronously match the name associated with the mobile SIM card. Kicking off operations from this Saturday, banks will now alert users if there’s any mismatch in these details.
This month, users will receive notifications via their bank’s mobile application. This alert will serve as a prompt for them to verify their identity with their mobile service providers, with a compliance deadline set for April 30.
The “Cleaning Mobile Banking” policy, implemented over the past year, was a strategic move to align mobile banking user data with SIM card ownership records, thereby establishing a more secure digital domain for transactions.
Last November witnessed an intense collaborative effort among the National Broadcasting and Telecommunications Commission (NBTC), the Anti-Money Laundering Office (Amlo), the Bank of Thailand (BoT), telecommunications providers, and banks. The fruits of this endeavor were the verification of over 120 million phone numbers. Astonishingly, 75.8 million of these (equating to 63.02%) were authenticated as legitimate users.
However, not all glittered with legitimacy. A significant chunk—30.9 million numbers (25.68%)—primarily belonging to foreigners who had registered before 2023, showed discrepancies between mobile banking and SIM card registration details.
According to Mr. Karom, users plagued by mismatch issues are advised to update their details swiftly. They can either alter the SIM card ownership details or notify their bank with updated phone number information by April 30. Ignoring this directive could lead to a temporary suspension of their mobile banking services—a situation no one wishes to find themselves in.
Additionally, the report uncovered an enigma—13.5 million numbers (11.29%) without any registered SIM card ownership information. Users within this bracket must rush to their mobile service providers to register the SIM card under their name, ensuring it mirrors the details linked to their mobile banking account. Missing the April 30 deadline might spell a temporary hiatus for their mobile banking privileges.
There’s no denying that these comprehensive measures reflect a robust, vigilant stance by the government against cyber malfeasance. As the sun sets on the old ways of ambiguous registrations, a new dawn of secure and transparent mobile banking comes into view. It’s a critical step forward in safeguarding digital financial ecosystems for all users. Time to take action, Thailand—the clock is ticking!
Isn’t this new rule going too far? What about privacy concerns?
Privacy is important, but I think security is a bigger issue here. Banks need to ensure money isn’t being laundered.
But why should *my* data be at risk because of other people’s illegal activities?
The integrity of the system is more important. Unfortunately, sometimes compliance is the price we pay for security.
Privacy has been a concern for ages, but security measures need updating to protect from modern threats.
I’m all for security, but a 30.9 million discrepancy sounds like a disaster waiting to happen.
This move is late. Hardly anyone registers their SIM in person anymore.
Exactly, and that’s why there’re too many invalid accounts. This is a band-aid over a bigger issue.
Yes, it’s about time they modernized. Hopefully, this pushes telecom firms to change, too.
As annoying as any new bureaucracy, it should help thwart illicit behavior. It’s necessary.
True, and I hope other countries take note of this proactive approach!
I’d rather have my inefficient system and keep my freedom, thanks.
This is going to be too complicated for older folks. Is there support for them?
Exactly, they should have hotline help or something to assist those who are tech-illiterate.
Support is often an afterthought. Needs addressing proactively.
Without this, how do you expect to combat mule accounts effectively? It’s a necessary evil.
Absolutely, people are quick to criticize but offer no solutions.
Wait until you hear about Ethereum and smart contracts. This is already outdated.
You’re right. Blockchain can ensure security while maintaining anonymity.
Cryptocurrencies come with their own set of challenges. Not as foolproof as you think.
No process is perfect. Before you criticize it, think of the chaos without such measures.
The focus should be on long-term solutions, not just quick fixes.
Well, someone has to start somewhere, and this is a pretty bold step.
I agree, but a balance is paramount. Let’s consider the cost-benefit here.
How are other countries handling mobile banking security?
I am all for it if it means I won’t get scammed!
Potential service suspension sounds like a nightmare for some of the elderly who barely understand tech.
Frankly, I think they should have addressed this much earlier. Better late than never.
Will this really deter illegal activities or just push them underground?
As someone living here, it’s welcome. Frauds have been rife.
I hope this change doesn’t slow down my banking app even more.
Possible, but I doubt they’d roll it out without performance checks.
But we all know theory and practice rarely align.
That’s my concern too. Speed over security is sometimes the choice for some industries.