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After the recent cyber fraud scam that affected at least 40,000 individuals in Thailand, banks are now confirming that they will refund money to such victims. The scam saw small amounts of online withdrawals through hacking users’ debit and/or credit card information. Payong Srivanich, chairman of the Thai Bankers’ Association, says banks will pay back money to the victims of these cases within 5 business days for debit card holders. For those holding credit cards, the banks will cancel suspicious transactions while not collecting interest or fees for the transactions from cardholders. Payong also said the banks will close affected credit […]

The story Banks confirm refunds to recent cyber fraud victims as seen on Thaiger News.

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The banks do have a responsibility to refund clients in these circumstances. Having said that, the banks will then turn around to their insurer and seek reimbursement.  

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