Thailand’s Aim For a ‘Cashless Society’ Hits a Slowdown Amidst Concerns Over Security

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The case of a Kasikornbank customer who lost almost 1 million baht to cybercriminals and the hacking of Government Savings Bank (GSB) ATMs, have fueled fears over online banking for Thais, reports Bangkok Post.

According to surveys by the Bangkok Post, these security concerns are causing consumers to delay their signup for PromptPay.

Some people point out that cybercriminals are very sophisticated and they doubt that banks have enough resources to fully shield customers from these risks.

Even though PromptPay registration requires only an ID card and a phone number, consumers worry the data can be used to obtain confidential information if it falls in the wrong hands.

According to a Mr. Thanaprasert, one of the people who were interviewed, he is delaying the signup of PromptPay due to lack of sufficient information.

‘I’ve only heard of the benefits of the service but do not know anything about the security system prepared for it and how commercial banks or government will take responsibility if my money is stolen,’ he says.

There have been warnings circulated via LINE chats that cyber thieves can access bank account information by having only an ID card or mobile number linked to a bank account.

Apart from fears over cyberattacks, the lack of awareness about PromptPay has also limited the number of those signing up for the service. Mr. Suchit Somprasert, a taxi driver said he has never received any welfare nor subsidies from the government, but he will sign up for the service if he is entitled to such assistance.

Other people have said their lack of awareness about the concept has scared them from signing up.

Predee Daochai, chairman of the Thai Bankers’ Association (TBA), said the association plans to launch soon a public relation campaign to educate and inform the public about PromptPay.

A version of this appeared in the Bangkok Post on September 12. Read the full version here

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