Thailand’s Bank of Ayudhya (Krungsri) has been lauded for its efforts in enhancing the security of its mobile banking application.
Thailand-based Bank of Ayudhya (Krungsri) has been recognised as a leader in biometric security technology at the 14th Annual Retail Banker International Asia Trailblazer Awards. The lender won an award in the Advances in the Use of Biometrics in Security category for its efforts in enhancing the security of its mobile banking application, a platform that has become essential for its customers.
With the increasing popularity of mobile banking apps, the risk of cybersecurity threats has also increased. For example, in 2020, SMS scams were a primary concern in Thailand, while in 2022, call centre scams became more prevalent. In such cases, the scammers would call unsuspecting victims and pretend to be officials from various government agencies, urging them to reveal confidential information such as OTPs and PIN codes. Once they gained access to the victim’s mobile banking account, they would make unauthorised money transfers, resulting in significant financial losses for many Thai citizens.
Strengthening authentication
Krungsri responded to these security challenges by introducing biometric authentication in its Krungsri Mobile App (KMA) to validate the identity of its customers, making it harder for scammers to impersonate them. Its implementation in May 2022 allowed live detection on new KMA registrations and customer device binding, helping the bank to reduce the number of fraud cases to zero. Other essential services such as a lock for PINs and the option to change mobile numbers have been added to the biometric authentication system to enhance customer security.
In addition to securing the digital app, Krungsri has also taken steps to ensure convenience for clients who only have a physical savings account. For such accounts, the authenticated pictures recorded at the bank serve as initial biometric data for these customers, enabling them to use biometric authentication for banking transactions without having to visit a physical branch.
Creating awareness
Krungsri’s branches actively promote self-authentication to facilitate smooth and secure banking transactions. The lender has also collaborated with the government to educate Thai consumers about scams and the importance of keeping their personal information confidential.
Krungsri’s biometric authentication solution has made mobile banking more secure for its clients, protecting them from fraudulent activities. In addition, the bank’s efforts to improve the user experience and promote security awareness have strengthened its position as a leading lender in Thailand.