Thailand Threatens Legal Action Against Facebook Over Investment and Crypto Scam Ads
Summary:
Thailand plans potential court action against Facebook if it fails to address the issue of investment and crypto scam ads on its platform. Over 200,000 people were reportedly deceived by these ads, featuring fraudulent claims of high returns and celebrity endorsements. The ministry is collecting evidence of over 5,300 scam ads and may request a court-ordered shutdown of Facebook. Consumers are warned to be cautious of such ads promising unrealistic returns and using well-known figures.
Thailand is preparing to take legal action against Facebook unless the social media giant addresses the issue of fraudulent investment and cryptocurrency scam advertisements on its platform. The Ministry of Digital Economy and Society revealed that over 200,000 individuals fell victim to these Facebook ads, which promoted scams related to cryptocurrencies, fake businesses, and counterfeit government agencies like the Securities and Exchange Commission. To lure people into these schemes, scammers employed tactics such as promising daily returns of up to 30% and using images of celebrities and renowned financial figures. Minister Chaiwut Thanakamanusorn stated that despite negotiations and a letter sent to Facebook, the company has failed to adequately screen its advertisers. The ministry has collected evidence of more than 5,300 scam ads and intends to request a court-ordered shutdown of Facebook within a week. Consumers are cautioned by the ministry to be wary of advertisements promising high and guaranteed returns, as well as those featuring well-known figures. Investments that pressure individuals to quickly invest with limited offers and businesses/platforms lacking verifiable information should also be approached with caution.
Published At
8/22/2023 1:25:04 AM
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