Thailand Hopes to Ban Facebook Next Week Due to Cryptocurrency Ad Scams
Date: 2023-08-22 Author: Karina Ziganova Categories: CRYPTO PAYMENTS, IN WORLD
A petition has been filed with the court.
The legal action comes after a surge in fraud, with scammers buying ads through Facebook and tricking people into investing by posing as symbols of the stock exchange and the SEC, among other tactics.
“Neither the SEC nor the SET offer such investments,” DES says to clarify the situation. The ministry explains that scammers often spread fake news to deceive the public into investing, and the victims will not be reimbursed in the form of compensation or principal.
Cyber thieves use a variety of strategies to trick people into parting with their money, from trading digital coins through apps or websites to investing in high yield loan companies, gold stocks and more.
Often, online thieves pose as well-known financial and investment figures in order to deceive victims. The ministry has already asked Facebook to address the issue and has requested the blocking of more than 5,301 fraudulent ads and fake pages.
“DES is in the process of collecting evidence from the offenders on the Facebook platform to present it to the court to shut down Facebook by the end of this month,” said Chaivut Thanakamanusorn, Minister for the Digital Economy and Society. He adds that if Facebook wants to do business in Thailand, it must show responsibility towards the Thai society.
Fraud victims.
Chaiwut warns that more than 200,000 victims, or about 95 percent of the 300,000 victims, have suffered more than 100 million baht ($2.7 million) in damages due to the scam.
DES advises the public to be vigilant about social media investment proposals and encourages them to verify the facts from said agencies or related agencies before spreading such information. It also provides a list of common tactics used by scammers to fool unsuspecting people.
Under the Computer Crime Act and the Technology Crime Prevention and Enforcement Act, service providers may face severe penalties for supporting or knowingly committing fraud, including imprisonment and fines.
Prior to the passage of the Cybercrime Act, an average of 790 technology crimes occurred daily, according to DES. Since the passage of the Law, the number of cases has dropped to an average of 591 per day. The Royal Thai Police have prosecuted 364 offenders related to these crimes.
The public is strongly encouraged to report suspicious behavior to the Anti-Fake News Center via a hotline, website or Twitter account.
Thailand banned the use of cryptocurrency payments in April this year.
