The Bank of Thailand is warning consumers to be wary of online financial fraud as incidents have been increasing, with the pandemic pushing more people towards digital outlets.

The regulator raised the alarm as scams have been surging, with more people desperate for cash amid the pandemic. Digital fraud can take many forms, including SMS messages, or via the Line application, Facebook, digital lending apps and mobile phones.

Siritida Panomwon Na Ayudhya, the central bank’s assistant governor for payment system policy and financial technology group, said the bank cooperates with other regulators, especially the Office of the National Broadcasting and Telecommunications Commission (NBTC), to monitor and prevent online financial fraud.

The central bank is warning people not to believe information that appears fake or tries to trick users into carrying out financial transactions. People should scrutinise any suspicious transactions by rechecking with financial institutions directly, she said.

Consumers should not share their personal data and documents with others. The Bank of Thailand is cooperating with financial institutions to inform consumers about cases of fraud, Ms Siritida said.

The central bank plans to collaborate with financial institutions to promote financial literacy as a way to combat fraud. Online financial fraud is part of the agenda at the Bank of…

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