BANGKOK, Thailand – The Bank of Thailand (BOT) has issued a directive requiring commercial banks and credit card providers to act quickly in addressing cases of credit card fraud.
According to Daranee Saeju, Assistant Governor of the Payment Systems Policy and Financial Consumer Protection Group at BOT, financial institutions must investigate fraud cases promptly and compensate affected customers without delay.
For credit card fraud, cardholders are not liable for any charges or interest resulting from unauthorized transactions. In cases involving debit cards, banks are required to reimburse cardholders within five days. However, this is contingent on evidence showing that the cardholder was not at fault and had no involvement in the fraudulent activity.
The BOT has emphasized that all banks and credit card providers must strictly adhere to these measures. The goal is to protect customers and ensure accountability.
In addition, the BOT has instructed service providers to enhance their monitoring of high-risk merchants. This is aimed at preventing illegal payment activities on their platforms. Providers must adopt rigorous know-your-customer (KYC) procedures. They are required to screen merchants, assess risks, and continuously monitor behavior. If a merchant is suspected of illegal activities, their services must be terminated immediately. Legal action should also be pursued when appropriate.
These measures reflect the BOT’s commitment to safeguarding financial consumers and maintaining trust in Thailand’s banking system. (NNT)
