Thailand has stepped up its efforts to combat cybercrime and telecommunications fraud with a new amendment that holds banks, telecommunications companies, social media platforms and online lenders liable for financial fraud that occurs on their respective platforms. The new law is expected to take effect in February.

The Thai government on Jan. 28 approved in principle amendments to an emergency decree proposed by the Ministry of Digital Economy and Society to strengthen the fight against cybercrime and fraud. Under the amendments to the emergency decree, Thailand will increase its efforts to penalize those who violate the law on peer-to-peer (P2P) lending platforms or disclose personal information, require telecommunications companies to immediately suspend SIM cards used in cybercrime operations, require banks to submit suspicious account information to Thailand's anti-money-laundering office to allow for quicker investigations and refunds to victims, and hold financial institutions, telecommunications operators and social media platforms partially liable to victims of telecommunication and cybercrime. Financial institutions, telecommunication carriers and social media platforms are also required to take partial responsibility for victims of telecommunication and cyber fraud.

In addition, in criminal cases, Thailand's Anti-Money Laundering Office can compensate victims in advance without waiting for a final court decision; disclosing a consumer's personal information to other parties without the consumer's permission will be subject to a fine of up to 5 million baht (approximately HK$1.16 million) or five years' imprisonment, compared to a maximum of 1 million baht or up to one year's imprisonment at present.

Thai Deputy Prime Minister and Minister of Digital Economy and Society Prasert Jantararuangtong said the amendment would make financial institutions, telecom operators and social media platforms more accountable in the fight against fraud.

A spokesperson for the Office of the Prime Minister said that after the Cabinet approves the emergency decree amendment, it will be further scrutinized by the Office of the National Council and is expected to be announced for implementation in February.

The approval of the amendment to the emergency ordinance is one of the Thai government's key initiatives to strengthen the fight against telecommunications fraud and various types of cybercrime, according to the spokesperson. The Thai government will also strengthen cooperation with neighboring countries to combat transnational fraud syndicates.

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