The Bank of Thailand has set a daily transfer limit of 50,000 baht for children and the elderly using mobile banking, seeking to curb financial fraud.
The new customer profiling system will set transfer limits based on the risk profile of each customer segment.
It divides mobile banking users into three groups: suspected fraudsters, general users and vulnerable customers. Vulnerable customers include those under 15 years of age and over 65.
Daily transfer limits are categorised into three tiers: under 50,000 baht (S), under 200,000 baht (M) and above 200,000 baht (L). The limit assigned depends on the customer’s risk profile and each bank’s know-your-customer (KYC) assessment.
The measure has already been applied to new mobile banking applicants, while existing users must gradually comply by the end of this year.
Customers seeking higher transfer limits can request an upgrade from their banks.
Thailand has around 12 million mobile banking users. Existing central bank safeguards cap mobile banking transfers at 50,000 baht per transaction (with facial recognition required) and 200,000 baht per day in total.
Financial fraud remains a serious concern. In June alone, 24,500 scam cases related to money transfers were reported, causing total losses of 2.8 billion baht — an average of 114,000 baht per case. The largest single fraudulent transfer amounted to 4.9 million baht, according to the central bank.
