The SEC has disclosed the statistics on the reporting of investment scams in the capital market through the Investment Scam Hotline 1207, extension 22. The reporting system is also available on the SEC website: www.sec.or.th/scamalert and email: scamalert@sec.or.th. This Investment Scam Hotline Initiative is part of the SEC’s contribution to the Collaboration for Combating Investment Scams Project conducted in partnership with various market stakeholders, governmental agencies, private entities, and the Anti Online Scam Operation Center (AOC) under the Ministry of Digital Economy and Society. The initiative also involves cooperation with Meta (Thailand), the service provider for Facebook and Instagram platforms, as well as LINE (Thailand), to swiftly block illicit channels on their platforms. This collaborative effort aims to prevent further harm to the public.

Since the launch of the Investment Scam Hotline Initiative on 6 November 2023, the SEC has been notified of fraudulent activities on various platforms. A total of 202 accounts have been reported, with 192 on Facebook, 1 on Instagram, and 9 on LINE (as of 30 November 2023). Upon receiving these tips, the SEC coordinated with the platform service providers to shut down the reported accounts immediately. Within an average timeframe of 48 hours from the notification of the scam reports, 175 accounts, or 86 percent of the total reported cases, have already been closed. The remaining instances are either newly reported or currently in the process of being addressed.

For the reports of investment scams through social media, it has been observed that the majority involve covertly using the SEC name and logo and the images of the SEC executives, relevant agencies and companies, and reputable individuals in the capital market. The fraudulent activities include forging licenses and falsely claiming certification of the SEC and official authorities. There were deceptive uses of names and images of market professionals, enticing investments in stocks and digital assets with seemingly low investment amounts and unrealistically high returns. The schemes claim that investing requires little to no knowledge and is overseen by experts, all aimed at creating an illusion of trustworthiness.

In addition, the SEC continues to prevent investment scams in various manners, as follows:

          (1) Posting on the Investor Alert Section on the SEC website for the public to check the list of business operators not under the SEC’s supervision;   
          (2) Collaborating with the Anti-Fake News Center Thailand, the Ministry of Digital Economy and Society, in issuing public warning releases; 
          (3) Filing criminal complaints with the authority regarding investment scams specifically in the cases of falsely claiming the name or logo of the SEC or the images of the SEC executives;
          (4) Forwarding relevant cases to the Fiscal Policy Office for consideration of legal action pursuant to the Emergency Decree on Loan Practices as Consumer Frauds of 1984 in cases of claiming high returns or instances liable to be a Ponzi scheme;     
          (5) Forwarding cases to the Bank of Thailand (BOT) for consideration of further action in cases of Forex investment solicitation or reporting tips on alleged financial scams involving commercial banks; 
          (6) Forwarding to the Ministry of Digital Economy and Society for consideration in cases beyond the SEC’s enforcement authority.  

The SEC urges the public to exercise caution when using online social media. It is advisable to thoroughly verify information before making investment decisions by directly inquiring the companies or individuals being covertly referenced. Additionally, it is essential not to disclose personal information or transfer money to the accounts of private individuals. For effective reporting, it is recommended to directly notify relevant authorities for prompt and specific solutions of the cases, such as:
          (1) Investment scams in the capital market, call SEC Hotline 1207, extension 22;
          (2) Online scams related to money deposits, withdrawals, payments, credit cards and loans, call Hotline 1213, the BOT Financial Service User Protection Center;
          (3) Illicit financial activities liable to be a Ponzi scheme, call Hotline 1359, the BOT Illicit Financial Activities Help Center, Fiscal Policy Office;
          (4) Other information technology crimes, temporary freezes of destination accounts (nominee accounts), call Hotline 1441, AOC, etc.
 

______________________