According to local media reports, Thailand is considering seeking a court order to shut down Facebook unless the platform enforces measures to combat fraudulent investment and cryptocurrency scams on its platform.
Specifically, on August 21st, the Ministry of Digital Economy and Society (MDES) revealed that over 200,000 people have fallen victim to cryptocurrency-related scams advertised on Facebook, including fraudulent investment schemes and fake government agencies like the Securities and Exchange Commission.
MDES stated that common tactics used by scammers include investment and cryptocurrency trading fraud. Some ads are also accused of using images of celebrities and well-known financial figures, along with promises of up to 30% daily profits, to lure people into these schemes.
MDES Minister Chaiwut Thanakamanusorn mentioned that the Ministry had negotiated and sent letters to Meta-owned platforms regarding this issue, but the response received from the company was dismissive and unwilling to screen advertisers on the platform.
Following this action, MDES is believed to be gathering evidence related to these fraudulent advertisements. According to local media reports, the agency has already collected more than 5,300 pieces of evidence.
Parallel to collecting evidence, MDES has also issued warnings to platform users, particularly in Thailand, to be cautious of high-profit promises and guarantees, as well as ads using images of famous individuals.
Moreover, even investment offers from untrustworthy businesses or platforms with overly attractive incentives should be carefully verified and approached with caution.