Central Bank of Thailand Acts Against Online Scams, Freezes Millions of Accounts
Thailand, a nation plagued by thousands of online scams, has finally taken action against some of the criminal activity.
According to local press reports, the Central Bank of Thailand has frozen 3 million accounts tied to 177,000 so‑called “mule” accounts — accounts used by fraudsters to launder illicit funds.
Because customers classified as vulnerable suffered heavy losses totaling over $60 million in Q2, the bank established transfer limits based on customer profiles.
For example, groups classified as vulnerable, including children under 15 and older adults over 65, can transfer only the equivalent of $1,570 per day. That limit can be increased over time. Emergency limit increases can be processed, but they take hours and involve increased scrutiny.
Bank authorities say these freezes are pivotal to combating the online‑crime problem, despite their disruptive effects. Bank of Thailand Assistant Governor Daranee Saeju stated:
Freezing suspected accounts was vital for tracking and returning stolen funds to scam victims.
Thousands of innocent users have had accounts frozen despite having no apparent ties to illicit activity, even when authorities claimed otherwise.
This has sparked a banking‑trust crisis and a rush to withdraw cash for fear of being affected. Russian expats in Thailand appear to have been disproportionately hit, facing card blocks and withdrawal denials.
Local reports say a Russian national reported a legally opened $25,000 account frozen since 2019. “This is a new level of insanity,” another Russian national in Thailand said, referring to the disruption to daily life.
Nonetheless, freezes are unlikely to stop, as the bank is focused on ending these scams by closing the profit avenues for online criminals. Even so, the country has recently opened up to digital assets, allowing tourists to leverage them for payments.
