BoT assigns daily limits for transfers

Goal to protect kids, elderly from scams

- SOMRUEDI BANCHONGDUANG

The Bank of Thailand has set a daily transfer limit of 50,000 baht for children and the elderly using mobile banking, seeking to curb financial fraud.

According to Daranee Saeju, assistant governor for payment systems policy and the financial consumer protection group at the central bank, the new measure called customer profiling aims to combat mobile banking scams, setting transfer limits based on the risk profile of each customer segment.

Under the new measure, mobile banking users are divided into three groups: suspected fraudsters, general users and vulnerable customers. Vulnerable customers include those younger than 15 and older than 65.

Transfer limits are categorised into three tiers: less than 50,000 baht per day, less than 200,000 baht per day and more than 200,000 baht per day.