House passes first readings of ‘Cyber Crime’ and ‘Digital Asset Business’ laws

The House of Representatives unanimously passed, in their first reading, two new bills today, which have been proposed by the Ministry of Digital Economy and Society.

They are the Prevention and Suppression of Technology Crime Act and the Digital Asset Business Act, which will, essentially, hold financial institutions and mobile phone service providers accountable for losses incurred by their customers by call centre scams.

People’s Party MP Wiroj Lakkhanaadisorn said that call centres have caused extensive damage to the Thai economy and 20% of their victims have been elderly people, whose lifetime savings have been stolen by the scammers.

Call centre scammers are not just ordinary thieves, they are creating social problems and undermining the Thai economy, he said, adding that he believes that the Cyber Crime Act will empower financial institutions and mobile phone service providers to deal more effectively with the scammers and ensure fairness for the victims who, currently, have to bear the losses.

Wiroj also said that he is impressed with a provision in the Cyber Crime Act which, when enforceable, will make commercial banks and phone service providers share the losses incurred by the victims of scammers.

The Act, he said, will encourage both the banks and phone service providers to improve their safety mechanisms, to protect their customers.

He pointed out, however, that regulations or by-laws must be enacted once the Cyber Crime Act becomes law, as he urged the Ministry of Digital Economy and Society to specify the timeline for when such regulations will be issued.