Cybercrime crackdown: New law holds Big Tech accountable
In a landmark move against the surging tide of cybercrime, a significant amendment proposal is set to be unveiled in the Royal Gazette this month, aimed at reinforcing the fight against online fraud.
Digital Economy and Society Minister Prasert Jantararuangtong announced that the bold step comes in response to rising concerns over the financial havoc wreaked by cybercriminals.
In a recent address to the Senate, Prasert highlighted the escalating challenge of technology-based crimes and the urgent need for robust measures to protect the public from online scams. He revealed that the government’s intensified efforts are already making strides in securing the digital landscape against fraudsters.
Currently under review by the Council of State, the draft amendment promises to add teeth to existing laws by holding banks, telecom companies, and social media giants accountable for any financial damages caused by call centre scams where negligence or recklessness is evident.
This groundbreaking proposal would see social media platforms and service providers sharing the responsibility in protecting their users.
Telecom operators, alongside the National Broadcasting and Telecommunications Commission (NBTC), would be entrusted with new powers under this amendment. They’ll be tasked with suspending SIM cards suspected of being exploited by scammers, effectively severing a critical communication line used by fraudsters.
Monetary transactions
Additionally, the amendment grants extended authority to the committee overseeing monetary transactions under the Anti-Money Laundering Act. Victims of fraud could see swift restitution, as the committee gains the power to return stolen funds without waiting for protracted court proceedings.
The proposal also carries stricter penalties for the violation of privacy, with individuals found guilty of unauthorised personal data disclosure facing up to five years in prison or fines reaching an eye-watering 5 million baht. This move underscores the commitment to safeguarding personal information in an age where data is as valuable as currency.
Prasert further revealed ongoing investigations by the Digital Economy and Society Ministry into SIM card ownership patterns. The objective is to sniff out anomalies tied to dodgy proxy or mule bank accounts, which have become a favourite tool for fraudsters.
The NBTC has been tasked with contacting individuals holding numerous SIM cards or making an unusual number of calls daily, demanding explanations. Failure to provide a satisfactory reason could see their SIM cards suspended, blocking potential scam attempts before they gain traction.
In an informative press conference, Prasert disclosed that, as part of a determined clampdown on mule accounts, over 1.6 million bank accounts were frozen by the end of December last year.
This strategic freeze aims to dismantle the financial networks supporting cybercrime operations. He urged anyone inadvertently caught up in fraud schemes to liaise with their banks to shut down such accounts, sparing themselves from potential legal fallout.
Security protocols
Moreover, banking institutions have bolstered their security protocols, tightening customer checks to nip fraudulent proxy account setups in the bud. Prasert warned that individuals found guilty of knowingly creating accounts for criminals would face severe consequences under the strengthened legal framework.
This sweeping amendment serves as a stern warning to cybercriminals and a beacon of hope for victims, reflecting the government’s resolve to turn the tide against digital fraud in all its cunning forms.
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