Thailand Financial Fraud Crackdown Targets Mule Accounts Amid $1.6 Billion Losses

June 24, 2024
Thailand Financial Fraud


The Bank of Thailand intensifies its fight against Thailand financial fraud, focusing on mule accounts responsible for over $1.6 billion in customer losses in two years. These accounts, crucial for illegal fund transfers, are now the primary target of Thai authorities’ aggressive measures.

Source: Bloomberg


In light of the escalating Thailand financial fraud, authorities froze nearly 200,000 mule accounts from March 2023 to April 2024. Assistant Governor Daranee Saeju highlighted that the crackdown also involves sharing data on risky customers among banks. This strategy aims to prevent new fraudulent accounts and address the common financial scams offering unrealistically favorable financial terms.



iCognative technology analyzes brainwave responses to stimuli related to financial transactions suspected of fraud. This method allows investigators to determine if individuals have specific knowledge about illegal activities linked to their accounts. Here’s how iCognative can effectively address this issue:

By implementing iCognative, authorities can enhance the precision of their investigations and potentially expedite the resolution of complex financial fraud cases.

Source: Brainwave Science