Veerathai: Upgrading technology essentialThe Bank of Thailand has exhorted financial institutions to keep a lid on loopholes in transactions to prevent sophisticated online theft. "Upgrading technology related to identification is very important," said central bank governor Veerathai Santiprabhob. The Bank of Thailand issued an announcement to financial institutions on Aug 2 regarding the electronic-Know Your Customer (e-KYC) system to help banks with new customer identification technologies, such as finger scans and iris scanners, he said. There are four groups that could be affected by embezzlement via new financial technology: consumers, financial institutions, telecommunication companies and regulators, said Mr Veerathai. Financial institutions have to shoulder the responsibility if a fraudulent case stems from their loopholes, but there have been cases where personal data is obtained from a victim's acquaintance, he said.

Source: Bangkok Post August 23, 2016 23:37 UTC