Thailand to Crack Down on Cybercrime

Thailand’s Digital Economy and Society (DES) Ministry, is seeking to implement tough measures to suppress and prevent cybercrime, including rapid action against proxy accounts moving fraudulently obtained money, would soon be tabled for cabinet approval.

DES Minister Chaiwut Thanakamanusorn said on Monday that a slew of measures would be sent to the cabinet in 10 days to deal with cybercrime, which has cost the government almost 20 billion baht.

According to him, the regulations are intended to combat contact centre cybercrime, proxy accounts, fraudulent investment schemes, online gaming, and scams involving selling things online.

More than 100,000 cases of internet fraud have been reported to authorities since March, he claimed.

He stated that strong procedures are being developed to prevent the movement of money earned from internet fraud through proxy bank accounts, stressing that the usage of proxies has made tracing fraud networks difficult.

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Developing  better cybercrime laws

He stated that the Bank of Thailand (BoT) is being enlisted to assist in developing cybercrime rules. According to him, the government has proposed that any offshore financial transaction involving an exceptionally big sum be held for checks, a strategy that might block the transfer of illicit money.

Mr. Chaiwut believes banks should implement measures against hacking and remote manipulation of customer bank accounts.

He voiced fear that criminals’ rapidly expanding technology may put them one step ahead of crime-prevention initiatives. He believes that all banks should spend on upgrading their security systems.

The minister stressed that the issue is not the law but the technology used to conduct fraud. He stated that it is the responsibility of the BoT and the Thai Bankers Association to guarantee that banks constantly examine their databases and implement cybersecurity programs.

If more people’s money is remotely stolen from their bank accounts, public trust in mobile banking operations will erode, he says, impeding the development of the kingdom’s digital economy.

He added that authorities addressing cybercrime will increase enforcement measures, while the media will play an important role in raising cybercrime awareness.

Meanwhile, Deputy Prime Minister Prawit Wongsuwon presided over a high-level conference on call centre frauds on Monday, which detailed the freezing of 40,198 proxy bank accounts used to enable the transfer of illicit monies.

In total, 76,165 phone numbers were reportedly disabled after they were used to send fraudulent texts or conduct deceptive phone calls.

news, thailand to crack down on cybercrime

Cybercrime becoming more common

Cybercrime is becoming more prevalent as technology advances. However, cyber security measures to secure technology and its users are progressing slowly.

As a result, cybercrime is becoming more common.

According to Cybersecurity Ventures, the world’s premier researcher, worldwide cybercrime expenses will rise by 15% per year over the next five years, reaching $10.5 trillion annually by 2025, up from $3 trillion in 2015.

In 2021, the average loss from cybercrime in Thailand rose to 144%, or $2.2 million, or nearly 72.6 million Thai Baht. Legal services, construction, wholesale and retail, healthcare, and industrial estates were the most affected industries. Thailand is ranked sixth among Asia-Pacific countries, and Japan is the most impacted by ransomware.

According to a survey of cyber companies in several nations, customers in Thailand were targeted by cybercrime at a rate of roughly 21% in 2021, which is lower than the global average of 29%.