Banks in Thailand beef up cybersecurity

A bank customer performs a facial scan using a smartphone.(Photo: bangkokpost.com)

Bangkok (VNA) – The Bank of Thai (BoT) and commercial bank members of the Thai Bankers’ Association (TBA) have been upgrading their digital technology to handle cyber-risks and strengthen cybersecurity.

TBA will coordinate closely with the central bank and the Government Financial Institutions Association (GFA) to ensure the implementation of new cybersecurity measures by the June deadline, TBA chairman Payong Srivanich said at a press briefing on March 10.

Payong said banks already collected customers' biometric data, allowing for facial scans for money transfers and adjustments of credit transfer limits on mobile banking apps.

According to the new measures, a facial scan is needed for digital money transfers of more than 50,000 THB (1,440 USD) per transaction, transfers of more than 200,000 THB per day, and changing credit transfer amounts of more than 50,000 baht per transaction. Banks must implement these measures by this June.

Payong emphasised that to comply with the new cybersecurity measures, banks will have to allocate a higher investment budget for IT and digital system development. But the investment is necessary to guard against cyber-risks or it could create a higher loss for both customers and banks.

Meanwhile, Tuantong Treenuparb, senior executive vice-president for IT at Government Housing Bank and a representative of GFA, said specialised financial institutions (SFIs) have also developed biometric technology to protect customers from cyber-risks. As a result, SFIs are committed to complying with the central bank's new cybersecurity measures.

According to the BoT, some banks have collected digital facial data for more than 50% of their total deposit client base, while others were below that level.

In the initial stage, the central bank requires facial scans for digital money transfers and adjusting credit transfer limits. The facial scans could be expanded to cover money deposits and withdrawals for the next step./.