Over 34,000 Bank Accounts in Thailand Blocked Due to Scam Suspicion

The Thai Bankers Association (TBA) has blacklisted 15,000 Thai and frozen 34,000 bank accounts opened by them due to their suspicion of conducting scams.

TBA Chairman Payong Srivanich said the suspension of scam-related bank accounts was largely aided by the online Cross-Reference File (CRF) system developed by the association. The AI-driven system has detected 15,000 people in connection with money laundering.

Over the past nine months, Thai commercial banks have provided information to the system, helping the CFR system share data since last month. The banks will use the shared data to black out bank accounts of suspected “money mules” and suspend or terminate transactions.

Since the CFR system went live on August 1, Thailand's commercial banks have been actively exchanging information to combat online scams, quickly identifying and freezing suspected bank accounts and restricting account owners from opening new accounts. Those who have been blacklisted are required to clarify with officials at the Anti-Oline Scam Operation Center before their accounts can be unfrozen.