Bank of Thailand limits transfers for youth to combat fraud

The Bank of Thailand has introduced restrictions on digital transfers for young people to combat the rise in cases of so-called "mule accounts" fraud. According to the new rule, daily transfer amounts should not exceed $1,500 for individuals under 25 years old. This decision was made following a 70% increase in such accounts over the past few months. Sources from Nation Thailand and Khaosod English reported that the Bank of Thailand explained its decision by stating that young people often become victims of fraud using their bank accounts. The transfer restrictions are aimed at preventing the use of accounts for criminal activities. Representatives of the Bank of Thailand also noted that the restriction applies only to the most vulnerable groups and does not affect regular customers. Nation Thailand's statement said: "A $50,000 THB transfer limit is imposed only on a group of vulnerable individuals." This decision was made in response to the growing number of cases of fraud involving bank accounts of young people. According to Pattaya Mail and Nation Thailand, the number of "mule accounts" has increased by 70% over the past few months. This led the Bank of Thailand to introduce restrictions on transfers to prevent further growth of fraud. Additionally, the Bank of Thailand is also considering setting limits on cash transactions when purchasing physical gold bars. However, this measure has not yet been implemented and is still under discussion. These measures are aimed at protecting young people from fraud and preventing the use of bank accounts for criminal activities. In the future, the Bank of Thailand will continue to work on improving security systems to prevent fraud using digital transfers.