4608919_700.jpg

BoT issues warning on cybercrime

Fraudsters inventing new techniques

The Bank of Thailand is urging financial institutions to consistently upgrade their tools to counteract cybercrime and improve collaborative mechanisms with related parties.  REUTERS
The Bank of Thailand is urging financial institutions to consistently upgrade their tools to counteract cybercrime and improve collaborative mechanisms with related parties.  REUTERS

The Bank of Thailand has warned banks and consumers to keep up their guard against an elevated risk of financial cybercrime.

The central bank and the Thai Bankers’ Association (TBA) released a joint statement on Wednesday in response to a report on the possibility of a mobile phone user losing his information and money in his bank account through a public charging cable.

According to the statement, following a joint investigation by the central bank and the TBA, the fraud was not caused by a charging cable. Money was transferred from the phone’s owner because malware had infected the device, with the owner “tricked” into installing it.

The malware enabled a hacker to remotely monitor and control the phone to transfer money from the user’s bank account. The operation happened when the phone was not in use by the owner.

The central bank said fraudsters have developed many kinds of tricks, such as deceptive text messages, call centres, fake loan applications and, most recently, manoeuvres to lure consumers to install malware-embedded applications in their phones.

The regulator said it continues to introduce measures to prevent and deal with these types of fraud.

The central bank also collaborated with the Digital Economy and Society Ministry, the Office of the National Broadcasting and Telecommunications Commission, the Anti-Money Laundering Office, the Royal Thai Police and other agencies to implement measures to prevent fraud.

These prevention efforts include updates of banks’ security systems for mobile banking, obstructing fraudulent websites and setting up an online channel for financial fraud notifications.

The related parties are continuing to promote financial and technological literacy among consumers.

The Bank of Thailand has urged financial institutions to consistently upgrade their tools to counteract cybercrime, as well as improve collaborative mechanisms with related parties to prevent such crimes.

The regulator is also pushing consumers to remain vigilant about such criminal activities.

The central bank has warned mobile phone users against opening any suspicious links, installing any suspicious apps and using unsafe phones to make financial transactions.

Consumers should regularly update their mobile banking apps to the latest version.


Source link

Tags: No tags

Leave A Comment

Your email address will not be published. Required fields are marked *