New Emergency Decree Aims to Combat Scams

The government has taken a significant step towards protecting its citizens from falling victim to scams by introducing a new emergency decree that requires financial institutions, telecom operators, and social media platforms to share the responsibility of preventing scams. The decree, which came into effect on Sunday, aims to curb scams based on calls and electronic channels, and protect individuals from losing assets to such scams. The Digital Economy and Society Minister, Prasert Jantararuangtong, stated that the new law is a crucial step in safeguarding the public. To achieve this, the decree requires financial institutions and business operators to reveal information about accounts and financial transactions suspected of being involved in scams. This includes freezing suspicious accounts and transactions, and taking necessary actions to prevent further scams.

Key Responsibilities

• Financial institutions and business operators must reveal information about accounts and financial transactions suspected of being involved in scams.
• They must also freeze suspicious accounts and transactions.
• Phone and telecom service providers must screen out the short messages that may be involved in scams.
• The Office of the National Broadcasting and Telecommunications Commission must stop telecom services related to scams.

The Consequences of Non-Compliance

Those who fail to follow the anti-scam measures as outlined in the new decree are liable to a fine of up to 500,000 baht. In addition, individuals who are responsible for the failure are liable to a jail term of up to one year and/or a fine of 100,000 baht. Furthermore, those who fail to properly register their mobile phone subscribers for services to prevent scams are liable to a jail term of up to one year and/or a fine of up to 100,000 baht. Additionally, those who collect, reveal, or use the data of the deceased for scams are liable to a jail term of up to one year and/or a fine of up to 100,000 baht.

A Key Amendment to the Digital Asset Business Decree

The decree also includes a key amendment to the existing digital asset business decree. Under this amendment, digital asset exchanges in other countries must seek service licenses in Thailand before providing services in the country. This amendment aims to address the issue of foreign digital asset exchanges that might support scammers’ money transfers. With this change, the government can now better monitor and regulate the activities of these exchanges, which will help to prevent scams.

Previous Challenges

Earlier, it was difficult for authorities to stop suspicious transactions by foreign digital asset exchanges that might support scammers’ money transfers. The lack of oversight and regulation in the digital asset sector made it challenging for the government to address these issues.

Quote from the Minister

“The new law is a crucial step in safeguarding the public from scams. We must work together to prevent scams and protect our citizens from losing assets to such scams.

— Prasert Jantararuangtong, Digital Economy and Society Minister

Implementation of the New Decree

The implementation of the new decree is expected to bring about significant changes in the way financial institutions, telecom operators, and social media platforms operate. With the new decree in place, these entities will be required to take a more proactive role in preventing scams and protecting their customers.

Key Takeaways

1. The new decree aims to curb scams based on calls and electronic channels.
2. It requires financial institutions and business operators to reveal information about accounts and financial transactions suspected of being involved in scams.
3. Phone and telecom service providers must screen out the short messages that may be involved in scams.
4. The Office of the National Broadcasting and Telecommunications Commission must stop telecom services related to scams.

A Stronger Commitment to Safeguarding the Public

The government’s introduction of the new emergency decree demonstrates a stronger commitment to safeguarding the public from scams. By requiring financial institutions, telecom operators, and social media platforms to share the responsibility of preventing scams, the government is taking a significant step towards protecting its citizens. With the new decree in place, the government is confident that it can make a meaningful difference in preventing scams and protecting the public. The implementation of the new decree is expected to bring about significant changes in the way financial institutions, telecom operators, and social media platforms operate, and the government is committed to ensuring that these changes are implemented effectively.