In Thailand, major banks have launched a large-scale campaign against financial crimes by freezing millions of accounts suspected of being used in scams.
Escalation of the Financial Crime Campaign
The campaign, which began in August, intensified over the weekend as banks restricted daily transfer limits nationwide. Local reports indicate that these measures are necessary to combat a surge in sophisticated scams operated by Chinese-linked call center syndicates.
Issues for Innocent Customers
The Cyber Crime Investigation Bureau confirmed that the crackdown has inadvertently affected legitimate businesses and online vendors. 'We urge the public not to panic,' said Wisit Wisitsora-at, secretary of the Digital Economy and Society Ministry. He explained that banks might suspend funds for up to three days, while police can extend the hold to seven days.
Impact on Expats and Merchants in Thailand
Foreign residents in Thailand have been particularly vocal about sudden account freezes and unexplained restrictions. Legitimate Thai merchants, especially online vendors, have also seen disruptions in their operations, with funds locked at a critical time for small businesses.
Meanwhile, Thai officials emphasize that temporary suspensions are essential to dismantle large-scale fraud networks.
