Widespread online scams pose daunting challenge to Thai authorities

Thai victims of online scams have lost an estimated over 10 billion baht a year in recent years.

Wetang Phuangsup, deputy permanent secretary at the Ministry of Digital Economy and Society, recently revealed that between March 1, 2022 and July 15, 2023, a total of 296,063 cases of online scams were reported, inflicting financial fraud amounting to 39.1 billion baht.

During the same period, 20,667 people were lured by fraud investment schemes run by criminal gangs, inflicting losses of 20.7 billion baht on these victims, Wetang, who is also spokesperson of the ministry, said.

Cheating through impersonation 

Pakorn Peetathawatchai, president of the Stock Exchange of Thailand (SET), said that many people had become victims of investment scams, as scammers impersonate organizations and well-known figures in order to lure people into their fraudulent investment schemes and online…