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.

[BainaiThai]

"It’s one of the main roadblocks for me and many others to parking our hard earned in a Thai bank account."

I thought this ment you did not have money in a Thai bank account...or were you inferring hard earned money in excess of immigration mandated deposits.

Just checking. Not argumentative. I maintain a bank balance for my Non Immigrant O marraige visa.  My retirement funds are elsewhere.

[BigHewer]

Does anyone have any experience with fraudulent credit card charges on cards issued in Thailand? Just curious, how amenable are the Thai banks to refunding fraudulent transactions?

I’ve had cards issued in Germany, Japan and Australia. Very different experiences.

Germany - weeks and weeks of analysis before ‘a decision’ in my favor.

Japan - 900,000 yen (USD 6000) refunded instantly. Simple. 

Australia - Mistrust. I was made to feel like I was the fraudster

Thailand ?

[rattlesnake]

9 hours ago, BigHewer said:

Does anyone have any experience with fraudulent credit card charges on cards issued in Thailand? Just curious, how amenable are the Thai banks to refunding fraudulent transactions?

I’ve had cards issued in Germany, Japan and Australia. Very different experiences.

Germany - weeks and weeks of analysis before ‘a decision’ in my favor.

Japan - 900,000 yen (USD 6000) refunded instantly. Simple. 

Australia - Mistrust. I was made to feel like I was the fraudster

Thailand ?

I would also be interested in reading accounts on this.

On a different (but somewhat related) note, a few years ago I mistakenly sent 3,000 baht to the wrong account – I was tired and stupidly selected the wrong name in the dropdown list (Lazada purchase) and when I realised my mistake I frantically pressed the Back button but it was too late.

Off I went to Kasikorn and they were very professional in handling the issue, but what happens in these cases is they send an amicable request to the recipient, asking them to send the money back. They inform you that if the recipient does not cooperate, it will become a legal matter which basically will be very complicated. As, thankfully, the recipient was a large company, it was eventually processed by their accounting team and I was refunded 2 months later. But I am sure that if it had been a private individual, I could have kissed the money goodbye.

I would posit that in Thailand, once the money is out of your account for any reason, it is next to impossible to get it back (but I could be wrong, I have always found Thai banks to actually be very professional).

[Khunmark]

16 hours ago, BainaiThai said:

r were you inferring hard earned money in excess of immigration mandated deposits.

Yes.

 

12 hours ago, BigHewer said:

Does anyone have any experience with fraudulent credit card charges on cards issued in Thailand? Just curious, how amenable are the Thai banks to refunding fraudulent transactions?

It may depend on the individual bank. The whole banking system here is segregated. And through my experience, how an issue is dealt with can vary considerably from bank to bank. Have you considered dispensing with your credit card BH?  I haven’t used one for a couple of years.

[BigHewer]

On 9/22/2024 at 7:38 AM, Khunmark said:

Yes.

It may depend on the individual bank. The whole banking system here is segregated. And through my experience, how an issue is dealt with can vary considerably from bank to bank. Have you considered dispensing with your credit card BH?  I haven’t used one for a couple of years.

I just have one card that I use for online transactions, and got rid of the others. What I've found though is that if I open an account somewhere, they give me a card whether I want one or not. 

I opened a Citibank account years ago and they gave me a Visa Card which I never use; same with Edion, signed up and they gave me a card which I never use. Citibank will soon get the flick though since WISE fills that function and is better.

 

[Marc26]

On 9/21/2024 at 5:48 AM, BigHewer said:

Does anyone have any experience with fraudulent credit card charges on cards issued in Thailand? Just curious, how amenable are the Thai banks to refunding fraudulent transactions?

I’ve had cards issued in Germany, Japan and Australia. Very different experiences.

Germany - weeks and weeks of analysis before ‘a decision’ in my favor.

Japan - 900,000 yen (USD 6000) refunded instantly. Simple. 

Australia - Mistrust. I was made to feel like I was the fraudster

Thailand ?

Yes

 

Not me personally but my son and family members and the Thai banks are 100% against you 

They fight you, instead of helping you

 

 

US is fantastic 

If it's under a certain amount it basically gets put back in your account immediately 

 

My 1st trip to Thailand, my ATM card got skimmed

 

They took $11,000usd out of my account 

 

I had to fill out a police report at my local police station 

But the bank walked me through what I needed to do

 

And the $11k was back in my account in about a week

[rattlesnake]

I just remembered that about 10 years ago, in Pkuket, my ATM card was swallowed by the machine, and the amount I had asked for (a few thousand baht) was debited from my account but no money came out. The Kasikorn Kata Beach staff were very helpful and credited the money back into my account very quickly. Can't remember if it was a Kasikorn ATM.

I have no direct or indirect experience of actual fraud though.

[rattlesnake]

32 minutes ago, Marc26 said:

Not me personally but my son and family members and the Thai banks are 100% against you 

They fight you, instead of helping you

Interesting. If you don't mind saying, what type of fraud was it, what was the bank and did they get their money back eventually?

[Marc26]

30 minutes ago, rattlesnake said:

Interesting. If you don't mind saying, what type of fraud was it, what was the bank and did they get their money back eventually?

They were online shopping in most cases and someone got a hold of their card and put fraudulent charges on it

 

And no, they never got the money bacj and the banks was basically fighting against them the whole time

 

 

[Marc26]

32 minutes ago, rattlesnake said:

I just remembered that about 10 years ago, in Pkuket, my ATM card was swallowed by the machine, and the amount I had asked for (a few thousand baht) was debited from my account but no money came out. The Kasikorn Kata Beach staff were very helpful and credited the money back into my account very quickly. Can't remember if it was a Kasikorn ATM.

I have no direct or indirect experience of actual fraud though.

It sounds like no money was ever dispersed or lost 

 

That's why the bank was so willing to credit the money back

[rattlesnake]

11 minutes ago, Marc26 said:

It sounds like no money was ever dispersed or lost 

That's why the bank was so willing to credit the money back

Probably, yeah, or they have a policy to just refund small amounts and deal with the issue afterwards. It certainly would have been another matter if it had been 50,000.

[rattlesnake]

15 minutes ago, Marc26 said:

They were online shopping in most cases and someone got a hold of their card and put fraudulent charges on it

And no, they never got the money bacj and the banks was basically fighting against them the whole time

Definitely a big problem there.

Back in France in the 2000s, I ran an e-commerce site and every time a card was used fraudulently, as soon as the consumer reported it, the money was taken out of my account and credited back to theirs (so a loss for me, but the consumer 100% protected).