Bank of Thailand caps fund transfers to combat online fraud

The Bank of Thailand (BoT) will require banks to limit daily digital transfers to 50,000 baht (approximately USD 1,400) per customer to prevent rising online banking scams, especially targeting vulnerable groups such as the elderly and minors under 15.

The measures, effective from August, apply to new mobile and internet banking users and will extend to existing customers by the end of the year. They are designed to slow criminals’ ability to transfer stolen funds quickly. Banks will set limits based on each customer’s transaction history, meaning individuals who regularly transfer larger amounts can request higher limits, while new, infrequent, or high-risk accounts will face stricter caps.

“Not everyone will be subject to the 50,000 baht limit,” BoT emphasized in its statement. The bank noted that high-risk accounts, including those flagged for potential fraud, and users with limited banking histories, will be closely monitored. Customers needing emergency transfers can request temporary adjustments through mobile banking apps, call centers, or branch offices.

This move comes amid a surge in financial fraud. In June 2025 alone, 24,500 scam cases caused 2.8 billion baht in losses. Over 3 million accounts had been suspended by July, including 177,000 linked directly to fraud. Total losses for the second quarter reached 6 billion baht.

The new rules also extend responsibility beyond banks, making e-payment operators, digital asset firms, telecom providers and social media platforms jointly liable for damages from technology crimes unless they can demonstrate regulatory compliance. Banks and payment providers must notify customers of suspicious transactions at no cost, block high-risk accounts and offer 24/7 rapid fraud-reporting channels.

Additional safeguards include real-time withdrawal alerts, restrictions on device use for mobile banking, blocking apps running alongside risky applications and biometric verification with facial recognition forgery detection. High-risk accounts are classified into Black, Dark Grey and Light Grey categories and undergo enhanced due diligence. Mule accounts are prevented from opening new accounts.

The new measures mean businesses operating in Thailand will have stricter oversight of accounts with multiple users or large transfers. Banks will adjust limits based on past transaction data, requiring companies to plan for higher-value transfers or emergency payments.