BANGKOK – Recent news out of Thailand’s Digital Economy and Society (DES) Ministry paints an optimistic picture for the nation’s cyber landscape. Since the introduction of the Royal Decree on Cybercrime Prevention in March, Thailand has seen a significant dip in reported cybercrimes.
Before the Royal Decree came into effect, DES Minister Chaiwut Thanakamanusorn highlighted a distressing statistic: from January 1 to March 16, Thailand registered an average of 790 cybercrime cases every day.
However, post the decree’s implementation on March 17, things started to change. Until July 31, the daily average of cybercrime reports plunged to 591 cases. This data was presented by Chaiwut during a Senate session on Tuesday, Aug 15. Alongside him, representatives from various organizations, such as the Royal Thai Police, the Bank of Thailand, the National Broadcasting and Telecommunication Commission, and the Thai Bankers Association, gathered to discuss the decree’s effects.
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Diving into financial implications, a noteworthy topic emerged. Before the Royal Decree, bank accounts faced security breaches amounting to 1.34 billion baht. Interestingly, they managed to freeze 87 million baht or 6.5% of that sum before criminals could access it.
However, with the decree’s enforcement, there was a surge in the value of frozen accounts — totaling 2.79 billion baht. This time around, an impressive 297 million baht, or 10.6% of the total, was stopped cold before any criminal withdrawal.
Why such a shift? The 2023 Royal Decree on Cybercrime Prevention and Suppression plays a pivotal role. Now, victims of scams or cyber breaches can promptly alert banks to freeze the questionable accounts. There’s no need to wait for a lengthy police filing process.
This proactive approach extends to financial institutions and businesses. They now have an obligation to halt suspicious transactions immediately — and they’ve got 48 hours max. This window provides the victim ample time to register a police complaint. From there, officials spring into action, delving deep into the compromised account or electronic wallet, all within seven days from the report.
But the decree doesn’t stop there. It packs a punch for those with malicious intent. Anyone misusing accounts, electronic cards, or wallets for reasons other than personal or allowing their SIM card for illicit activities, faces severe repercussions. The punishment? Up to three years imprisonment, a hefty fine of 300,000 baht, or both.
Moreover, individuals luring others to misuse their accounts, electronic devices, or SIM cards for illegal ventures are in for a shock. The decree slaps them with a 2-5 year jail term, along with a fine ranging from 200,000 to 500,000 baht.
In essence, Thailand is cracking down hard on cybercrime. The Royal Decree showcases the nation’s commitment to bolster its digital defenses, ensuring a safer environment for its citizens and businesses alike.
The insights and statistics presented in this article are sourced from The Star.
