BOT orders banks to speed up refunds in credit card fraud cases
Compensation must be be paid within 5 days if debit cardholder not responsible
The Bank of Thailand (BOT) has instructed commercial banks to expedite the refund process for victims of credit card fraud and ensure compensation was paid within five business days if the cardholder was found to be blameless.
The directive issued on Thursday follows a recent case where a customer reported their credit card stolen after using spa services in the Sukhumvit area. The card was subsequently used to make unauthorised purchases, resulting in significant financial losses.
Daranee Saeju, assistant governor of the BOT's Payment Systems Policy and Financial Consumer Protection Group, emphasised that banks and credit-card providers must prioritise swift investigation and compensation to customers affected by credit-card fraud.
"In cases where credit-card fraud is confirmed, the cardholder will not be liable for any charges or accrued interest," she said. "For debit card transactions, the refund process must be completed within five business days from the date the bank determines that the cardholder is not responsible for the fraudulent activity."
The BOT has also instructed financial institutions to closely monitor high-risk businesses to prevent them from being exploited by illegal activities. Service providers are required to continuously assess the risk profiles of merchants and terminate services immediately if any suspicious activity is detected.
The BOT also encouraged the public to report fraud by contacting the BOT call centre (1213) for any inquiries, consultations, or complaints regarding financial services.
