Depositors will only be able to use plastic cards at cash deposit machines (CDMs) under the Anti-Money Laundering Office's (Amlo) new regulations.
The requirement takes effect on Nov 15.
Consumers can currently deposit money at CDMs by either inserting their plastic card or merely entering a bank account number.
The new Amlo rule means cash depositors at CDMs will have to verify their identity by using an ATM card, debit card or credit card.
The Bank of Thailand has collaborated with commercial banks to prepare them for the new regulation, said Budsakorn Teerapunyachai, the central bank's senior director for payment system policy.
The authentication of depositors at CDMs is designed to improve security for financial transactions. Individuals who do not have a plastic card can deposit money via other channels, including banks' physical branches, counter services at convenience stores, post offices, and other banking agencies.
Mrs Budsakorn said the central bank will cooperate with commercial banks to develop other methods or channels to make it more convenient for depositors in the future, such as the use of ID cards for identity verification or a cardless verification method.
Kobsak Duangdee, secretary-general of the Thai Bankers' Association (TBA), said regulatory agencies and the private sector have joined hands to improve cybersecurity and payment systems. Even though the new Amlo rule would be inconvenient for some depositors, the regulation should help them avoid fraud and financial risks, he said.
Fraudsters often use nominees to open deposit accounts and conduct suspicious transactions for them, said Mr Kobsak. This led regulators to enact stricter rules to prevent suspicious transactions.
He said relevant parties can upgrade their cybersecurity depending on changing circumstances.
In addition, the Thailand Banking Sector Computer Emergency Response Team and National ITMX Co Ltd, units under the TBA, have improved national technology infrastructure to handle the growth of cyber-risks and financial fraud, said Mr Kobsak.
