PUBLISHED: 1 Feb 2025 at 10:36
The Digital Economy and Society (DES) Ministry has announced new regulations requiring mobile phone SIM card owners to ensure their names match those on their mobile banking accounts. Failure to comply with this mandate by April 30 will result in a temporary suspension of mobile banking services.
In this initiative to combat mule accounts and online theft, the DES Ministry is collaborating with various state authorities including the Anti-Money Laundering Office, the National Broadcasting and Telecommunications Commission, the Bank of Thailand, and the Thai Bankers’ Association.
Minister Prasert Jantararuangtong noted that over 2 million SIM cards currently have discrepancies between the registered owner’s name and the mobile banking account. He emphasized the urgency for these owners to update their information before the deadline.
The first phase of this crackdown focuses on the 2 million SIM cards identified as problematic, which may contribute to the rising issue of mule accounts, according to the minister.
As of November 2024, authorities have reviewed more than 120 million phone numbers, categorizing them into three groups: M (matched names), N (unmatched names), and P (no information available). Of these, 75.8 million had matching names, 30.9 million did not, and 13.5 million had no registered owner.
Banks will begin notifying users identified in categories N and P by February 1, urging them to update their details via mobile banking channels to prevent fraud.
To ensure security, notifications will only be sent through designated banking channels, and users must ensure their SIM and banking information aligns by the April 30 deadline. Failure to do so may result in account suspension by financial authorities.
Notably, certain groups such as government agencies using company numbers may be exempt from this requirement due to specific operational needs.
