Thailand banks could be forced to share hacking costs

Thailand’s Digital Economy and Society (DES) Minister Prasert Chantararuangthong has thrown his weight behind a groundbreaking proposal that could see commercial banks sharing the financial burden when their customers’ accounts are hacked.

Prasert, who also serves as Deputy Prime Minister, publicly backed opposition MP Wiroj Lakkhanaadisorn’s suggestion during a heated House debate. Wiroj, from the People’s Party, argued that banks should not escape responsibility when call-centre gangs siphon off their clients’ hard-earned cash.

“Why should banks get a free pass? It’s time they bear some of the blame.”

The proposal calls for Thailand’s central bank to force commercial banks to share the financial losses suffered by victims of online scams. Prasert confirmed he would table this for discussion at the upcoming Anti-Online Scam Operation Centre (AOC) meeting. The AOC, established last year to combat the surge in online fraud, operates out of National Telecom Plc’s headquarters in Bangkok.

Wiroj insisted that since the AOC has failed to halt these rampant scams, National Telecom should also be on the hook for compensation. Prasert, while cautious, said the matter needed careful consideration to determine the most suitable action.

Addressing another of Wiroj’s proposals – delaying the transfer of funds to scammers – Prasert revealed that the AOC is working closely with the Bank of Thailand (BoT) to enhance security. He assured that measures to protect bank accounts have already undergone central bank scrutiny, but further improvements are in the pipeline, reported The Nation.

In related news, Commerce Minister Pichai Naripthaphan called on BoT to slash interest rates and stabilise the baht in a bid to boost exports and prop up GDP.

In a policy statement issued today, Pichai slammed the current strength of the baht, which he claims is hitting exports hard. With export growth expected to be sluggish this year, he’s calling on the central bank to step in and tackle the currency’s soaring value.