Thai banks developing tech defenses against cybercrime

With incidences of ransomware attacks and other cybercrimes on the rise worldwide, Thailand’s banks have banded together to develop technological infrastructure to foil online criminals targeting the Kingdom’s financial sector.
Thailand’s banking sector has become increasingly more advanced and competitive in recent years in terms of technological innovations and investment, better service and expansions abroad.
The Thailand Banking Sector Computer Emergency Response Team (TB-CERT), a group of financial institutions under the Thai Bankers’ Association has been collaborating with organizations, the government and the private sector to develop and upgrade security systems to prevent cybercrime.
Kitti Kosavisutte, TB-CERT Honorary Adviser, said that the banking industry is serious about preventing cyber-risks in particular on mobile banking platforms because cyber-attacks have been rising as digital banking usage increases.
Research has shown that in the Asia-Pacific region, Thais are some of the most avid users of mobile banking services and e-commerce platforms. Mobile phone penetration in Thailand was 79 percent in 2022, according to the Statista website.
That fondness for cyber commerce and banking has left Thai consumers vulnerable to cyber criminals. They are not the only ones as ransomware attacks, identity theft, scams and other online crimes have hit even the most advanced economies and global corporations.
Thai banks have embedded detection systems to reject fake mobile applications, Kitti added. Consumers also need to be educated and aware. He urged them to avoid apps and services from websites and users they do not know, and from social media.
“Mobile banking users should download mobile apps though official operating systems such as the Play Store or App Store directly rather than apps from unknown links,” said Kitti.