Thailand is gearing up to secure a court-issued order to force Facebook into action against purported investment and cryptocurrency scam advertisements on its platform.
The Ministry of Digital Economy and Society (MDES) revealed its intention on August 21, asserting that a staggering 200,000 individuals had fallen victim to fraudulent Facebook ads promoting crypto scams, counterfeit business investments and fabricated government agencies, including the likes of the Securities and Exchange Commission.
The perpetrators behind these schemes reportedly employed well-known tactics, focusing on cryptocurrency investment and trading fraud, as indicated by MDES.
Notably, some of these advertisements allegedly exploited images of celebrities and prominent financial personalities, coupled with enticing promises of daily returns soaring as high as 30%. These tactics aimed to draw unsuspecting individuals into the intricate webs of these fraudulent operations.
Chaiwut Thanakamanusorn, Minister of MDES, revealed that extensive dialogues had taken place between the ministry and the Meta-owned platform.
However, he contended that Facebook was faltering in its screening of advertisers, thereby exacerbating the problem. Undeterred, the ministry is meticulously amassing evidence concerning over 5,300 scam ads.
As the month draws to a close, they intend to approach the court with a plea to shut down Facebook’s operations within a mere seven days.
The ministry issued a cautionary advisory detailing the modus operandi of such scams. It urged consumers to exercise vigilance against offers that promise exorbitant and guaranteed returns, along with advertisements featuring well-known figures.
Furthermore, investments exerting pressure or offering time-sensitive incentives should raise suspicion, as should businesses or platforms lacking verifiable credentials.
