The Bank of Thailand (BoT) has unveiled new regulations designed to enhance mobile banking security through transaction limits and biometric authentication requirements, set to take effect in the first quarter of 2025. The announcement comes as financial institutions worldwide increasingly adopt behavioral biometrics and advanced authentication methods to combat rising fraud threats.
Under the new framework, mobile banking users will face a daily transaction limit of 50,000 baht, implemented as a protective measure against potential fraud-related financial losses. For transactions exceeding this threshold, or when daily digital trades surpass 200,000 baht, additional biometric verification including facial recognition and forgery detection systems will be required. The multi-layered security approach follows successful implementations by other Asian financial institutions, such as KB Kookmin Bank’s enhanced mobile security measures.
The regulations mandate that mobile banking service providers implement robust security features to protect against malware and hacking attempts. The requirements include verification that devices used for mobile banking transactions are running current software versions and have not been jailbroken, as such modifications can create security vulnerabilities. The measures match growing regional trends in digital banking security, particularly as Southeast Asian markets experience rapid digital transformation.
Financial institutions will bear liability for failures to protect user information under the new guidelines. The requirements extend beyond traditional banks to encompass non-bank service providers operating under BoT oversight, reflecting the evolving landscape of financial services in Thailand.
The regulatory framework was developed with consideration of public input and specifically aims to protect vulnerable demographics such as teenagers and elderly users, who are often targeted by fraudsters. Mobile banking providers must ensure their applications incorporate malware protection and anti-hacking measures as core security features, similar to solutions already deployed by leading financial institutions across Asia-Pacific.
The implementation timeline gives financial institutions approximately one year to achieve compliance with the new security standards and transaction limit requirements. The gradual approach allows banks and financial service providers to properly integrate sophisticated biometric authentication systems and enhance their existing security infrastructure while maintaining service continuity for their customers.
Sources: THAI.NEWS
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