Is Thailand Going To Take Action Against Facebook?
You may notice that crypto scams and frauds are on the rise on social media. Now if crypto scams and fraudulent ads show up on social media, that is bad news. Thailand plans to seek a court order to shut down Facebook if the company does not take action against fraud and crypto scam ads.
Many people see fake investment and crypto trading scam ads. Maybe you ignore the ads that appear on your feeds but when you see it consistently, you might be interested to try it out. And people get caught when they get involved in it. You wish you would not see the ads in the first place or act on them.
Bad actors use difficult tactics to attract people's attention and make it look legit. The image of celebrities and popular financial figures is used to promote their ads. People usually pay attention to what they see in ads when they notice celebrities are associated with that. It must be legit and real.
The Ministry of Digital Economy and Society stated that they have been communicating with Meta and sent a letter about this issue. If the platform reviews the ads properly, it may not happen. People would not see investment and crypto scams ads.
The ministry is working on collecting evidence of crypto scam ads that show up on the platform They are getting ready to take action by asking the court to shut down Facebook. They warn people about how this kind of scam operates and what are the red flags when they see anything on social media.
The promise of higher returns or guaranteed returns that seem unrealistic is the obvious red flag. Do not change your mind seeing well-known figures in ads. Criminal actors do everything to make it trustworthy so that more people fall for it. It is not easy to generate a higher return. So ask yourself how they are going to give you a higher return.
You may see crypto trading scam ads and it is claimed that they make a huge amount of profit by trading crypto. If you have any experience of trading crypto, probably you will not fall for that scam because you know how hard it is to be profitable in trading consistently.
It is sad to see fake investment and crypto scam ads on social media. Thailand thinks about it seriously and what can be done to stop this. I think it is good to put pressure and take action against any platform that fails to filter and stop crypto scam ads.