BANGKOK, Thailand – The government has launched a nationwide operation to eliminate fraudulent “money mule” accounts by enforcing stricter verification rules for mobile banking users. The Ministry of Digital Economy and Society (MDES), in cooperation with banks and telecom providers, has set an April 30 deadline for customers whose registered phone numbers do not match their mobile banking accounts to update their information. Users will receive notifications through their banking apps between February 1 and February 28, instructing them to verify their identity with their mobile service provider.
Authorities introduced a mobile banking verification policy last year, requiring all accounts to match registered SIM card details. A review of 120 million phone numbers found that 30.9 million accounts had mismatched information, while 13.5 million were unregistered or unverified. These customers must either update their SIM card registration or change the phone number linked to their bank account. Those who fail to comply by the deadline risk having their mobile banking services suspended.
Certain groups are exempt from the verification requirement, including government agencies, businesses providing corporate-registered phone numbers, and family members sharing accounts. Individuals with legal or logistical constraints may apply for exemptions by submitting supporting documents to their bank. The government has instructed financial institutions to ensure that only verified customers can access mobile banking services after the deadline.
The crackdown comes as part of efforts to combat financial fraud, which has increasingly involved criminals using fake or unverified accounts to launder money. Customers who receive official notifications have been urged to act promptly to prevent service disruptions.
Banks and telecom providers will implement the new measures starting February 1, with notifications sent only through official mobile banking apps. Those who do not receive an alert can continue using their services as usual. While mobile banking accounts must meet the new verification standards, physical bankbooks will remain unaffected, ensuring continued access to financial services. (NNT)
