After at least 40,000 people in Thailand were victims online banking cyber fraud, the Cyber Crime Investigation Bureau renews discussions on the security of these online transactions. The recent losses suffered by those who use online banking services are estimated at more than 10 million baht after hackers stole credit and debit card information.
CCIB commissioner Kornchai Klayklueng says the initial investigation revealed that hackers may have used 3 channels to steal this information. The channels included: sending text messages to trick people into giving out their personal information, cardholders who had linked their bank accounts to online apps, and information theft from cardholders doing daily transactions in local stores. stores or gas stations.
The Bank of Thailand and the Thai Bankers Association released statements on Sunday evening that their initial investigations indicated that the mobile banking system was not being hacked. They also said that the banking apps did not illegally transfer customers’ money. But, the BOT then said the loss was estimated at 130 million baht and promised to reimburse customers for the losses and to suspend any pirated cards. Then the BOT and other commercial banks said that many accounts showed many suspicious transactions from overseas online purchases.
Niwet Arphawasin, commander-in-chief of the Technological Crime Investigation and Analysis Division, said the recent fraud was committed by hackers finding a loophole in the payment system. He also noted that some banks would not notify customers if the amount illegally taken was nominal. As the new case featured numerous customers claiming their accounts had illegal withdrawals of less than 100 baht, the loophole found appears to be true to recent victimizations. Prinya Hom-anek, a cybersecurity expert, has advised people to use a credit card instead of a debit card for future transactions.
“Credit card holders have to pay the money later, so they can refuse to make payments for goods or services they haven’t purchased. In the case of debit card holders, money is immediately deducted from their accounts, making it difficult for them to request a refund when illegal transactions take place.
Prinya also advised clients not to link their debit cards to their main savings accounts. Instead, he says they should create a separate bank account with a smaller balance. Additionally, he says, those who do not subscribe to SMS alerts on their account transactions are at a higher risk of being a victim of fraud.
THE SOURCE: Thai PBS World