Thailand Vs Facebook: Crypto Scams in Spotlight
In recent occurrences related to digital scams, Thailand’s government, through the Ministry of Digital Economy and Society (MDES), has threatened to seek a court-ordered shutdown against Facebook, a platform owned by Meta. The move comes in the wake of an alarming rise in the number of crypto scam ads and fake investment transgressions allegedly business-supported on Facebook’s platform.
The Issue
On Aug. 21, MDES raised an alarm over the significant number of individuals, over 200,000 to be precise, who have reportedly fallen prey to the deceit of Facebook-hosted ads. These advertisements, according to MDES, promote crypto scams and solicit investments in bogus businesses and faked governmental agencies such as the Securities and Exchange Commission.
Scam Tactics
The scammers, as pointed out by MDES, employ various conniving tactics to ensnare innocent citizens who perhaps want to make savvy investment decisions, but due to a lack of adequate awareness, become victims of these rackets. Let’s take a look at some popular strategies:
- Crypto Investment and Trading Scams: These are prevalent on Facebook’s platform, as alleged by MDES. People are drawn to lucrative get-rich-quick schemes that expectedly involve trading in or investing in cryptocurrencies.
- The Use of Celebrity Images and Financial Moguls: Additionally, scammers employ the clever tactic of using the images of celebrities and well-known financial figures alongside promises of surreal daily returns, up to 30%. This strategy is a fool-proof bait for innocent individuals aspiring to grow their financial portfolio.
Quote from MDES Minister
Chaiwut Thanakamanusorn Speaks on the Issue. Source: MDES
Chaiwut Thanakamanusorn, the MDES minister, expressed frustration over Facebook’s supposed failure to screen advertisers effectively. His ministry had sent a letter explaining the issue to Meta and had made attempts to negotiate with the digital platform corporation. However, Thanakamanusorn feels that Facebook is not actively addressing the problem.
The Showdown
MDES is in the process of gathering solid evidence to substantiate the alleged scam ads. The Minister reported that they have identified over 5,300 such scam ads. Once this compilation process gets wrapped up by the end of the month, MDES stands ready to seek the court’s intervention in shutting down Facebook within a span of seven days, unless the platform addresses the issue effectively.
Consumer Warnings
The Ministry of Digital Economy and Society has issued warnings to the general public against falling into the financial abyss dug by these scams. The ministry has warned consumers to be skeptical of:
- Investments promising high and guaranteed returns
- Advertisements employing images of well-known figures to gain trust
- Platforms or businesses pressuring users to invest rapidly or offering limited-time offers
- Businesses or platforms without any verifiable information
Contacting Meta
Inquiries have been made to Meta for comments on this issue, but as at the time of the report, their response was still awaited.