Bangkok: The government has established a central system aimed at combating fraud, allowing for swift recovery and freezing of funds once reported. According to Thai News Agency, the government is expediting the establishment of four central systems designed to intercept fraudulent funds by linking data across all agencies. This initiative is designed to enable a "one-time notification, immediate fund tracing, and swift freeze of assets," significantly increasing the chances for victims to recover their money.
Ms. Lalida Periswiwatana, Deputy Spokesperson for the Prime Minister's Office, announced that the government is accelerating efforts to address cybercrime money trails. The methods of money movement have evolved, with funds now being distributed through multiple accounts, converted into digital assets, or moved out of the country rapidly, making traditional tracking methods inadequate.
The Ministry of Finance, together with the Ministry of Digital Economy and Society and other relevant agencies, is preparing a National Anti-Fraud Master Plan. This plan involves establishing four central systems to seamlessly connect risk information, incident reporting, money tracing, and asset freezing, thus improving coordination between agencies.
Ms. Lalida outlined that these systems are designed to function from "before the incident until the money is recovered." Key components include:
1. 'One Identity, One Risk Level' - Integrates risk information to allow financial institutions, telecommunications companies, digital platforms, and law enforcement to view and monitor risks in real-time.
2. 'Analyze Data, Stay Ahead of Scams' - Establishes an anonymous data center to analyze financial transaction patterns and criminal networks, developing risk models to preempt scam tactics.
3. 'One Notification, One Route' - Streamlines notifications from the public and various institutions into a single system, using a single reference number to expedite asset freezing.
4. 'Catch Them, Freeze Quickly' - Connects data to track funds, check balances, and send freeze orders, supporting the process of returning funds to victims.
Ms. Lalida emphasized the urgency of the initiative, stating, "The challenge today is that fraudulent money moves very quickly. Therefore, the government must ensure that information moves faster than the money itself." This rapid response is crucial for increasing the likelihood of recovering funds for victims.
In parallel, agencies will enhance KYC, CDD, and EDD standards to improve scrutiny of customer transactions, aligning them with international financial centers.
The Sub-committee on Financial Data Linkage, led by Deputy Prime Minister and Minister of Finance Dr. Ekniti Nitithanprapas, has tasked the Permanent Secretary of the Ministry of Finance to work with relevant agencies to design the systems' details. This includes data structure, connectivity, and standards, with a 30-day deadline before submission for consideration.