In a bold move to protect the public from increasing phone scams, Prasert Jantararuangtong, the Minister of Digital Economy and Society, announced plans to introduce an executive decree in January 2025. The decree will require banks and mobile phone operators to take responsibility for compensating victims of scams that occur through their services.
Immediate Action Needed to Prevent Fraudulent Activities
Minister Prasert emphasized the urgency of the new regulation, which is expected to take effect before the end of the month. The decree aims to create a more secure environment for citizens and to hold financial institutions and mobile operators accountable for not implementing adequate fraud prevention measures.
Banks to Be Held Accountable for Preventing Scam Operations
According to Minister Prasert, financial institutions will be required to ensure that they screen their clients thoroughly to prevent scams. Banks will need to monitor accounts for suspicious activities, particularly preventing the creation of mule accounts used by scam gangs.
Mobile Operators to Improve Scam Detection Systems
The decree also targets mobile operators, who are expected to take proactive measures to reduce the spread of fraudulent SMS messages. The minister stressed that operators should screen messages with suspicious links, instead of simply forwarding all SMS content for revenue generation.
A Call for Better Protection of the Public from Scams
Minister Prasert’s initiative seeks to address growing concerns about phone-based fraud. He suggested that mobile operators should enhance their filtering systems and work with authorities to mitigate scam risks.
A Necessary Step to Strengthen Consumer Trust in Financial Services
This executive decree is a crucial step in ensuring that consumers are protected and financial services remain trustworthy in the face of rising online fraud. With the new regulation, it’s expected that banks and mobile operators will adopt more stringent safeguards to avoid being complicit in these crimes.
Final Thoughts: How Will This Decree Affect the Industry?
As the deadline for the decree’s implementation approaches, the industry awaits the specific details of the legislation. The decree has the potential to reshape how financial and telecommunications sectors handle consumer protection and scam prevention.