“KTC” or Krungthai Card Public Company Limited, hosted a knowledge-sharing seminar to build confidence in the security of online transactions and did a live broadcast via the KTC Journey Facebook page to prepare Thais to be equipped to deal with risks and threats in the increasingly concerning the cyber world. KTC puts a spotlight on its position as the leader in the consumer finance business that supports the development of online financial transactions and management to effectively prevent digital fraud through 4 main components: Personnel-Operational Process-Technology-Data Management with advice on how to spot and prevent various forms of online fraud. 

Mr. Rywin Voravongsatit, Senior Vice President – Operations Control and Merchant Operation, “KTC,” stated in the “KTC FIT Talks 7: How to Deal with Online Risks and Threats” seminar, “Online payment transactions tend to grow rapidly, especially payment for products and services on e-commerce channels that have continued to be highly popular with a cumulative average growth rate of 9.79% per year between 2017-2021 Electronic Transactions Development Agency (ETDA). The E-Marketplace is the consumers’ platform of choice to shop for products, while social commerce is the go-to for sellers to sell products. The top 5 most popular payment channels for online products and services as follows: 1. Bank Applications 2. Cash on Delivery 3. Credit Card or Debit Card 4. Transfer or Payment via a Bank Account 5. Platform wallets. Since the outbreak of the COVID-19 virus, beyond online payments for consumer products and services, another service that has a growing trend is online trading of investment assets such as bitcoins, stocks, and mutual funds.”

“Amidst the development of digital technology in the world of online payment that must be stable, easy to use, and fast, what KTC prioritises the most is the security of customer data to build confidence for cardmembers in every financial transaction. KTC does this by developing an effective fraud prevention management system through 4 main components, including Personnel: building a team that is competent in preventing and detecting fraud around the clock, as well as educate employees in the organization for effective analysis, and provide knowledge to consumers for them to be careful and be ahead of the game; Operational Process: establishing a process that upholds standards and is highly flexible, to effectively detect and prevent fraud incidents, including coordinating with relevant departments, and improving work processes to be up-to-date; Technology: use technology to detect and prevent fraud, and Data Management: track and update information on situations that are prone to corruption both from within and outside the country, systematically analyzing data within a set guideline. These components will all lead to appropriate actions. However, fraud prevention will result in better efficiency if cardmembers and consumers have the correct understanding and put precautionary measures in place.” 

“Nowadays, fraud on online payment systems comes in many forms, such as Friendly Fraud (fraud from people close to you), Fake Websites, Bin Attack (generating random card digits), especially Social Engineering (fraud transfers requesting an OTP or One Time Password and money transfers) from call center gang or impersonating a government agency such as police or Thailand post etc. Examples of incidents found include: a scammer sends a fake QR code to trick customers into scanning to make a transaction / a customer receives a fraudulent email or fake website (Email Phishing) from a scammer tricking him/her into updating credit card information, which is then later used to enter the system and make transactions without permission.”

Mr. Noparat Suriya, Manager – Fraud Control, “KTC,” discusses how to protect oneself in a cashless society, “Consumers can easily protect themselves before it happens by 1) Being careful not to trust fraudulent emails: all banks and financial institutions do not have the policy to prompt customers to log into their accounts via email; 2) Install a reliable antivirus program; 3) Set notifications for transactions via SMS or provide an email to banks and financial institutions, and 4) Always log out of the system when you are done using it. To prevent the risk of a fake QR Code scam, you can check the integrity of the QR code, use a secure scanner with a fake QR code warning function / be careful of scanning a QR code installed in a public location / do not type personal information after scanning a QR code / check website names or URLs after scanning a QR code as scammers often use similar names / avoid downloading apps from a QR code, it is advised to download directly from Apple Store or Google Play.”

“For KTC cardmembers, it is recommended to increase the data access security by downloading and using the “KTC Mobile” app. The app is secure from the very first touchpoint, which features a 6-digit password on a dynamic keyboard for authentication, and login via a fingerprint scan or an iris scan for Samsung Galaxy smartphone users. The app is also convenient with a system that sets reminders for every card transaction. Cardmembers can also set the desired transaction amount with a reminder before the payment date, including other necessary services that customers can set up by themselves, such as temporary card suspension, credit limit settings, and requesting temporary credit limit.” 

“KTC has also adjusted its one-time password or OTP message by reminding members to be careful when sharing passwords to other people to reduce the risk of account takeover fraud. Moreover, KTC cardmembers and consumers can also check the information on unusual websites through https://who.is and look up registration information of various websites. These days, there are also scammers pretending to be financial institutions that are officially registered. These scammers will create a website offering low-interest loans, tricking the victim to transfer the loan guarantee fee, but grant no credit.” 

Mr. Phanthep Chanasurk, Vice President - Fraud Control, “KTC,” stated about the online help guide, “KTC works closely with the police and relevant government agencies to surveil, report leads, and monitor unusual events which may lead to corruption by scammers, for quick and effective defence. Most recently, the Royal Thai Police has elevated online assistance to the next level with a fraud alert and allowed consumers to file a report online by themselves through www.thaipoliceonline.com or request advice and consolation at Tel. 1441. In addition, the Ministry of Digital Economy and Society and Electronic Transactions Development Agency (ETDA) have launched a hotline, Tel. 1212, to proactively help consumers online 24 hours a day.”