News Forum - Thailand banks could be forced to share hacking costs

[Thaiger]

Thailand’s Digital Economy and Society (DES) Minister Prasert Chantararuangthong has thrown his weight behind a groundbreaking proposal that could see commercial banks sharing the financial burden when their customers’ accounts are hacked. Prasert, who also serves as Deputy Prime Minister, publicly backed opposition MP Wiroj Lakkhanaadisorn’s suggestion during a heated House debate. Wiroj, from the … …

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[Fanta]

So banks will be liable for their customer’s poor decisions. They’ll go bankrupt if this hare brained idea ever gets off the ground. 

[Khunmark]

30 minutes ago, Fanta said:

So banks will be liable for their customer’s poor decisions. They’ll go bankrupt if this hare brained idea ever gets off the ground. 

Unfortunately, the customers are often not to blame. Plenty of cases where the fraud has been perpetrated by a bank insider. What’s being proposed here won’t indemnify individuals either as the proposal is only limited to commercial banks, not retail banks.
 

Any bank worth its salt has a fraud division and are insured to protect its customers against rogue operators. It’s one of the main roadblocks for me and many others to parking our hard earned in a Thai bank account. Better consumer protections equals more foreign capital.

[Marc26]

12 hours ago, Fanta said:

So banks will be liable for their customer’s poor decisions. They’ll go bankrupt if this hare brained idea ever gets off the ground. 

No they won't 

Banks all over world give back funds in the case of true fraud and they make plenty of profit 

 

As @Khunmark pointed out, many banks have robust fraud protection and Thai should have it also

 

So this would force them to beef up their fraud protection 

[Fanta]

12 hours ago, Khunmark said:

Any bank worth its salt has a fraud division and are insured to protect its customers against rogue operators. It’s one of the main roadblocks for me and many others to parking our hard earned in a Thai bank account. Better consumer protections equals more foreign capital.

You learn something every day. I was unaware they aren’t liable for their own inadequacies. I don’t leave money in Thai banks simply because they are run by Thais.

[BainaiThai]

Doesn't your visa require you to maintain funds in a Thai Bank?

[Khunmark]

5 hours ago, BainaiThai said:

Doesn't your visa require you to maintain funds in a Thai Bank?

Yes.