Executive decree planned to enforce compensation rules this month.
Victims of phone scams may soon be compensated directly by banks and mobile phone operators under a new executive decree proposed by the digital economy and society minister.
Prasert Jantararuangtong, the minister of digital economy and society, announced on Tuesday that this decree is expected to take effect by the end of the month. The goal is to safeguard the public from financial fraud facilitated through banking and telecommunication services.
According to the minister, financial institutions and telecom providers failing to implement adequate security measures should bear the financial burden of scams.
Banks must thoroughly verify customer backgrounds to prevent mule accounts from being used in scams. The minister emphasized the need for scrutiny, especially when jobless individuals attempt to open multiple accounts.
Telecom operators, on the other hand, are urged to block fraudulent SMS messages containing malicious links. The minister criticized them for prioritizing revenue over consumer protection by forwarding all messages indiscriminately.
The decree aims to enforce stricter responsibilities for service providers, holding them accountable for negligence that enables scams to occur.
