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The Thai government is taking steps to obtain a court order to shut down Facebook unless the social media giant addresses the rising number of crypto and investment fraud scam ads on its platform.
The Ministry of Digital Economy and Society of Thailand said on August 21 that over 200,000 people have fallen victim to Facebook advertisements that promote cryptocurrency scams. The Ministry noted that some have invested in fake businesses and government agencies like the SEC.
Thailand Acts Against Fraudulent Crypto Ads on Social Media
To address this growing concern, the Ministry has asked Facebook to block over 5,301 fake pages and fraudulent ads. The Ministry explained that fraudulent advertisements lure victims as they claim to offer up to 30% returns and illegally use the photographs of celebrities as endorsements.
The Ministry said (translated):
“Today (August 21, 2023), Mr Chaiwut Thanakmanusorn, Minister of Digital Economy and Society (DES), together with Professor Wisit Wisitsorn-at Permanent Secretary of the Ministry of Digital Economy and Society, Mr Wetang Phuangsub Deputy Permanent Secretary of the Ministry of Digital Economy and Society Mr. Tawatchai Pittayasophon Acting Secretary-General Office of the Securities and Exchange Commission (SEC) Mr. Chaichana Mitphan, Director of the Electronic Transactions Development Agency and Pol. Maj. Gen. Thayut Chanthaworn, Deputy Commissioner of Police Investigating Technology Crimes. Along with the private sector, Join the meeting to discuss ways to solve the problem of buying ads via Facebook, deceiving people to invest. Including soliciting investment by pretending to use the name of a registered company and symbols of the SEC without permission, such as the SEC or the Stock Exchange of Thailand, allowing investors to trade gold starting 1 999 baht, along with specifying that there will be experts to take care of and earn 15-30 per cent profit per day or invest through the company Or a famous person who has a message inviting investors to have high profits that give returns on a weekly basis.”
The government explained that the SEC had offered no such investment. The Ministry explained the various ways in which cybercriminals catch their victims:
“Nowadays, cyber crooks have different tactics to fool and transfer money from accounts. With new mechanisms to adjust continuously, such as trading digital coins Through applications or websites, investing in crypto coins, investing with high-yield lending companies, investing in gold stocks, participating in auctions for high returns, investing in foreign exchange trading, and investing in shares in a group of well-known companies.”
Mr Chaiwut Thanakmanusorn, the Minister of Digital Economy and Society (DES), said:
“DES is in the process of compiling evidence from offenders on the Facebook platform to send the court to close Facebook by the end of this month and request the court to order the closure of the Facebook region within 7 days by the offence of Facebook. Because of Facebook receives advertisements from fraudulent offenders in advertising and deceives people into believing in investing and buying products through Facebook. When the customer believes and pays for the product and receives a product that does not match the cover. In the past, there were more than 200,000 victims, or about 95 per cent of 300,000 cases, with damages worth more than 10,000 million baht if Facebook did not help Thailand. If he wants to do business in Thailand, he must show responsibility to Thai society. In the past, the Ministry has been talking to Facebook all the time. But instead did not screen advertisers, causing damage to Thai people of more than 100,000 million baht.”
The Ministry also warned citizens to be fooled by any solicitation through social media and to verify the information they obtain from the related agencies. Social media platform users should be on the lookout for investments offering high returns in a short period of time, guaranteed returns, using the names of celebrities and famous businesspeople; if they are unable to verify a business and the product they offer, and warn investors not to make a hasty decision without doing proper due diligence.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.