The authorities in Thailand are taking a troublesome stance in opposition to the rampant menace of cryptocurrency scams and fraudulent adverts on Fb and are searching for to deliver a court-issued shutdown order in opposition to the social media large if it fails to curb these unlawful actions.
The proposed motion got here as, in line with the Ministry of Digital Economic system and Society (MDES), fraudulent Fb adverts, together with cryptocurrency scams and investments into faux companies, duped greater than 200,000 Thai folks.
To lure victims, the fraudulent adverts supplied every day returns of as much as 30 p.c and even illegally used the photographs of celebrities and well-known monetary trade figures as faux endorsements. Some ads even used the identify and image of Thailand’s Securities and Trade Fee (SEC) and the Inventory Trade of Thailand to indicate authenticity.
Throughout the assembly with representatives of a number of Thai ministries and companies, MDES Minister, Chaiwut Thanakamanusorn, stated that his ministry has been in talks with Meta-owned Fb on the problem of the fraudulent adverts and in addition despatched a letter to the platform. Nonetheless, the social media large didn’t display the faux ads.
The Thai ministry requested Fb to dam greater than 5301 fraudulent adverts and pretend pages.
With the failure of Fb to take motion in opposition to the fraudulent adverts, the Thai ministry is now gathering proof and can ask to close down the social media inside seven days.
“If Fb desires to do enterprise in Thailand, it should present accountability to the Thai society,” Thanakamanusorn stated (translated from Thai).
The Ministry of Digital Economic system and Society (DES) is at present gathering proof of fraudulent actions on Fb. They intend to file a petition requesting the court docket to dam Fb in Thailand by the top of this month, as acknowledged by interim DES Minister Chaiwut… pic.twitter.com/cjciyGzn3w
— Thai Enquirer (@ThaiEnquirer) August 21, 2023
A Large Marketplace for Fb
Based on DataReportal, Fb has about 51.6 million customers in Thailand, making it the social media platform’s ninth-largest market. Any motion to restrict the presence of the platform within the nation by its authorities would possibly put a large dent within the firm.
Nonetheless, Fb just isn’t the one social media platform infested with scammers. Telegram, a widely known encrypted messaging platform, has turn into a hotbed for scammers impersonating reliable firms and providing fraudulent funding providers. The coverage of Telegram round tacking these scammers is opaque, and although the regulators are conscious of those clones/fraudsters, they don’t have any authority over the actions on the social media platform.
The authorities in Thailand are taking a troublesome stance in opposition to the rampant menace of cryptocurrency scams and fraudulent adverts on Fb and are searching for to deliver a court-issued shutdown order in opposition to the social media large if it fails to curb these unlawful actions.
The proposed motion got here as, in line with the Ministry of Digital Economic system and Society (MDES), fraudulent Fb adverts, together with cryptocurrency scams and investments into faux companies, duped greater than 200,000 Thai folks.
To lure victims, the fraudulent adverts supplied every day returns of as much as 30 p.c and even illegally used the photographs of celebrities and well-known monetary trade figures as faux endorsements. Some ads even used the identify and image of Thailand’s Securities and Trade Fee (SEC) and the Inventory Trade of Thailand to indicate authenticity.
Throughout the assembly with representatives of a number of Thai ministries and companies, MDES Minister, Chaiwut Thanakamanusorn, stated that his ministry has been in talks with Meta-owned Fb on the problem of the fraudulent adverts and in addition despatched a letter to the platform. Nonetheless, the social media large didn’t display the faux ads.
The Thai ministry requested Fb to dam greater than 5301 fraudulent adverts and pretend pages.
With the failure of Fb to take motion in opposition to the fraudulent adverts, the Thai ministry is now gathering proof and can ask to close down the social media inside seven days.
“If Fb desires to do enterprise in Thailand, it should present accountability to the Thai society,” Thanakamanusorn stated (translated from Thai).
The Ministry of Digital Economic system and Society (DES) is at present gathering proof of fraudulent actions on Fb. They intend to file a petition requesting the court docket to dam Fb in Thailand by the top of this month, as acknowledged by interim DES Minister Chaiwut… pic.twitter.com/cjciyGzn3w
— Thai Enquirer (@ThaiEnquirer) August 21, 2023
A Large Marketplace for Fb
Based on DataReportal, Fb has about 51.6 million customers in Thailand, making it the social media platform’s ninth-largest market. Any motion to restrict the presence of the platform within the nation by its authorities would possibly put a large dent within the firm.
Nonetheless, Fb just isn’t the one social media platform infested with scammers. Telegram, a widely known encrypted messaging platform, has turn into a hotbed for scammers impersonating reliable firms and providing fraudulent funding providers. The coverage of Telegram round tacking these scammers is opaque, and although the regulators are conscious of those clones/fraudsters, they don’t have any authority over the actions on the social media platform.