On December 19, Deputy Prime Minister and Minister of Digital Economy and Society, Mr. Prasert Chanthararuangthong, discussed efforts to combat online fraud and assist victims. Following Singapore's move to hold banks and telecom providers accountable for scams, Thailand is advancing similar measures through amendments to the Cybercrime Prevention and Suppression Act, currently under review by the Council of State.
Key updates in the proposed amendments include:
- Shared Liability: Commercial banks and mobile operators will be partially responsible for losses incurred by fraud victims.
- Compensation Mechanism: A structured process for reimbursing victims.
- Increased Penalties: Harsher punishments for offenders.
Discussions on the compensation framework are ongoing, with no finalized timeline. The Deputy PM emphasized that the amendments could proceed without parliamentary approval, enabling swift implementation.
Mr. Prasert stated, “If banks and operators fail to comply with the measures, they will share responsibility for the financial losses of affected customers.” He added that consultations with financial institutions and telecom providers have already taken place, and both sectors agreed to cooperate to close off criminal avenues.
Regarding compensation, Mr. Prasert explained that recovery depends on tracing fraudulent transactions. Quick responses could allow immediate reimbursement, but delays might arise when funds are already transferred to criminals’ accounts, making the process more challenging.