Thai Banks Implement $1,500 Daily Cap on Online Transfers
Thailand requires banks to limit online transfers to $1,500 daily to reduce scam losses. The rule, announced by the Bank of Thailand, applies to new mobile and internet banking users by end of this month and existing users by year-end. It targets vulnerable groups like children and elderly by setting tiered limits based on risk profiles. The measure aims to curb large-scale fraud, which costs Thailand billions annually. In June alone, 24,500 scam cases caused $86.1 million in losses, with average per-case loss of $3,504. The largest single fraud was $150,591. Scammers typically drain half funds in three minutes, while victims take 19-25 hours to report.