If Facebook does not take action to address alleged investment and cryptocurrency scam adverts on its site, Thailand intends to ask a court to issue a shutdown order on the social media platform.
On August 21, the Ministry of Digital Economy and Society reported that over 200,000 people have fallen for Facebook advertisements promoting cryptocurrency frauds, investments in fake companies, and impersonations of legitimate government organizations including the Securities and Exchange Commission.
Scams involving cryptocurrency trading and investments were common, according to MDES. Some advertisements allegedly used promises of up to 30% daily returns coupled with pictures of famous individuals and financial numbers to entice people into the schemes.
MDES Minister Chaiwut Thanakamanusorn alleged that although the ministry has spoken with and written to the Meta-owned platform about the problem, it was failing to screen advertising.
Over 5,300 fraudulent advertising, according to the ministry, are being investigated. It will be prepared to urge a judge to order the immediate shutdown of Facebook at the end of the month.
The ministry issued a warning about the tactics used by such scammers, advising consumers to be aware of adverts that use pictures of well-known people and make promises of big returns that are guaranteed.
As well as organizations or platforms with no verified facts, investments that pressure or offer incentives to invest rapidly with limited offerings should be addressed cautiously.
