Prayut orders new strategy to deal with online investment fraud, scams

Deputy government spokesperson Rachada Dhnadirek said on Friday that the PM has instructed relevant state agencies to tackle the problem of investment scams operating on social media, illegal fund-raising efforts and fraudulent investment schemes that are not permitted by the Securities and Exchange Commission (SEC).

“The prime minister has ordered pre-emptive steps in which sites found involved will get access to their accounts and websites blocked to lessen the impact on the public,” Rachada said.

She added that the SEC and the Digital Economy and Society (DES) Ministry have created a joint working group to tackle online investment scams.

Rachada also advised prospective investors to first verify SEC-authorised brokers and securities businesses on the SEC Check First mobile application.

“Carefully study the investment services or products offered. You may run into unauthorised or illegal service providers, who may scam or embezzle your funds,” Rachada warned.

She also said people with information on investment scams or fraudulent schemes should contact the SEC, DES or police. Complaints can be made through the 1212 hotline of the DES Electronic Transactions Development Agency, Facebook page DESMonitor, the SEC hotline 1207 or Live Chat on the SEC website or via Thaipoliceonline.com.