2 days ago
Bank of Thailand to limit daily transfers to 50,000 baht to curb fraud and protect consumers
BANGKOK: The Bank of Thailand (BOT) on Tuesday (Aug 19) announced that it is introducing new measures to limit the financial damage caused by scams.
Daranee Saeju, Assistant Governor for Payment Systems and Financial Consumer Protection, said that due to ongoing concerns regarding fraud, especially from scammers and call centre gangs, the BOT plans to introduce a daily transfer and payment limit of 50,000 baht.
This measure aims to prevent significant losses before victims realise they have been scammed.
Key details of the measure:
1. Limit on large transfers: Fraudsters will be unable to transfer large sums from accounts at once, which will slow down their ability to quickly move illegally obtained funds.
2. Protecting vulnerable groups: The measure aims to reduce damage for particularly vulnerable groups, such as the elderly and children, who are often targeted by fraudsters. Banks will determine individual limits based on past transaction behaviour, with an initial limit of 50,000 baht per day.
These measures will be closely monitored, especially for vulnerable groups like those over 65 or under 15, with additional restrictions on their daily transfers to prevent further harm.
Flexible measures for certain customers
Daranee clarified that banks will be required to notify customers about the daily transfer limits and adjust them according to individual needs.
For example, customers with a long history of transactions at this level might not face limits, while new account holders or those with irregular patterns may initially face stricter restrictions.
Fighting financial fraud
Daranee said the BOT remains aware that these measures could impact legitimate transactions for some customers.
However, the goal is to protect against fraud, especially as scam activity remains high.
In Q2 2025, financial losses from fraud amounted to 6 billion baht.
As of July 2025, over 3 million accounts had been suspended, with 177,000 accounts linked to fraudulent activities.
In June 2025 alone, 24,500 scam cases were reported, leading to 2.8 billion baht in losses.
The BOT expects these new measures to come into effect by the end of 2025 for current customers, with immediate implementation for new customers to ensure quicker protection against fraud.
In the future, the Bank of Thailand plans to continue refining these measures and keep working with financial institutions to ensure the safety and security of Thai consumers. - The Nation/ANN
