Due to too many fraudulent investment advertisements, Facebook in Thailand may be shut down within 7 days. Cryptocurrency investment has also been pointed out by Thailand’s Ministry of Digital Economy and Society as one of the fraud methods of criminals. According to statistics, more than 200,000 people have been affected so far, with total losses exceeding 10 billion baht.
Scams rampant, Facebook in Thailand may be shut down
According to a statement from Thailand’s Ministry of Digital Economy and Society (MDES), the issue of Facebook’s fraudulent advertisements and investments was discussed at a meeting yesterday (21). These advertisements mostly use the Thai Securities and Exchange Commission (SEC) and the Stock Exchange ( SET) name and logo, and conduct advertising without authorization.
For example, using the name of SEC or SET, it claims that investors have the opportunity to trade gold at a low price of 1,999 baht, and promises expert supervision and daily returns of 15-30%.
MDES said cyber criminals are using a variety of tactics to defraud and move funds from accounts, and are constantly adapting to new mechanisms, including investing in cryptocurrencies, investing in high-yield lending companies, and participating in auctions. In addition, fraudsters often pretend to be well-known figures in the financial and investment fields to increase their reputation, and then find targets through online communities interested in investment.
"We will file a request with the court to order the shutdown of Facebook within 7 days. This lawsuit against Facebook is based on its behavior of allowing false advertisements to appear on the platform and using these advertisements to deceive the public into investing and purchasing goods. Many customers After believing and paying the money, the corresponding goods were not received, which resulted in more than 200,000 victims in the past and a total loss of more than 10 billion baht," said MDES Minister Chaiwut Thanakamanusorn.
MDES is currently gathering evidence to confront bad actors on Facebook and is also communicating with Facebook to urge them to address these issues.
In order to prevent more people from being victimized, MDES also reminds the public of some common characteristics of fraudulent advertisements, including short-term high rewards or specific numerical rewards, using the name of a well-known person, being unable to verify business, or using oppressive methods to promote investment. people engage in investment behavior.
This article Facebook in Thailand may be shut down! Cryptocurrency and other types of fraudulent investment advertisements are prevalent, with more than 200,000 victims. First appeared on Chain News ABMedia.