Nowadays, while advanced technologies bring benefits to the public, especially in terms of news and information feeds and communication tools, there are individuals who fall victims and suffer damage from investment scams via various new forms and channels. In this regard, the SEC has observed a persistent trend of investment scams related to the capital market, with scammers often using online platforms such as social media channels to deceive the public through various means. For example, false advertising to solicit investments in non-existent assets, deluding investors with exaggerated high returns, or illegally using the images and/or names of executives of capital market organizations to lure individuals into investing, etc.
The SEC has therefore opened the Investment Scam Hotline service as a direct channel for reporting investment scams and frauds. The public can call the SEC Hotline 1207, extension 22, or send whistleblowing tips or scam reports through the SEC website at www.sec.or.th/scamalert or email: scamalert@sec.or.th. The SEC will verify and further investigate all submitted cases promptly and notify relevant authorities to remove fraudulent contents or channels used for investment scams. Also, further collaboration with Meta (Thailand) – the service provider of Facebook and Instagram platforms, and LINE (Thailand) is in progress to make sure that fraudulent activities will be blocked from these platforms immediately to protect the public from further harm and loss.
The Investment Scam Hotline initiative is part of the SEC’s continuing efforts as a participant in the Collaboration for Combating Investment Scams Project, initiated by the Stock Exchange of Thailand (SET). The project aims to facilitate multilateral cooperation to fight against fraudulent activities through creation and dissemination of investment scam alerts via various channels of the SEC and news media outlets. The SEC receives support from both public and private sectors to effectively communicate these alerts, and further enhances collaboration with the AOC to combat fraudulent schemes.
SEC Secretary-General Pornanong Budsaratragoon said: “The SEC is fully aware of the urgent issue of fraudulent activities in the capital market. They harm the public and investors. Over the years, we have consistently promoted public awareness and knowledge on investment scams to help the public build a self-protection shield. This is one of our key commitments to investor protection. Furthermore, we have stepped up our proactive approaches with the launch of the Investment Scam Hotline initiative to allow the public and our alliances to report scams directly. In this regard, the SEC will collaborate with relevant agencies to expedite further actions to protect the public from falling victim to fraudulent activities and contain further spread of damage."
Mrs. Ampai Jitrjamesai, Assistant Permanent Secretary of the Ministry of Digital Economy and Society, said: “The Ministry has introduced the Anti-Online Scam Operation Center or AOC to serve as a one-stop-service hub for solving problems regarding online criminal activities. The center’s primary objective is to effectively combat these crimes and provide support to the public. Specifically, the AOC aims to prevent further harm to the public by shutting down nominee banking accounts used by criminals to instantly accept money transfers from victims. We are ready to cooperate with the SEC in our collective efforts to combat financial crimes.”
Mr. Kamolsit Wongbutnoi, Assistant Secretary-General of the Anti-Money Laundering Board, the Anti-Money Laundering Office (AMLO), said: “The SEC’s launch of the Investment Scam Hotline is in line with the creation of the AOC Hotline 1441, which is designed to provide comprehensive solutions for the prevention and suppression of online criminal activities. The AOC Hotline 1441 offers one-stop services to the public including advice on online threats. The primary goal is to immediately shut down and freeze the accounts of wrongdoers while allowing victims to monitor the progress of issue solutions at every step.”
Mrs. Chavinda Hanratanakool, Member of the Board of Directors, the Federation of Thai Capital Market Organizations (FETCO), said: “The introduction of the Investment Scam Hotline will significantly enhance the efficient and rapid prevention of public deception, thanks to the collaborative efforts of relevant agencies. The business sectors in the capital market are ready to cooperate with the SEC and will promptly report any fraudulent activities to prevent the public from falling victim to criminals and reduce the chances of increasing damage from investment scams.”
SET President Pakorn Peetathawatchai, in his capacity as a co-initiator of the Collaboration in the Fight against Investment Fraud project, said: "Over the years, SET and our allies have consolidated our efforts on multiple fronts, including continuous communication and warning alerts to the public. The introduction of the SEC's Investment Scam Hotline will serve as another channel for the public, investors, and various organizations to report investment scams in the capital market, aiming to break the criminal cycle more swiftly and effectively."
Ms. Ing Sirikulbordee, Public Policy Facebook Thailand for Meta, said: “Over a number of years, Meta has established productive partnerships with many agencies of the Royal Thai Government to work together across several areas, including fraud and scams. We are making sure we educate our community on how to identify and report this type of harmful content through consumer education campaigns to keep people safe online. We appreciate the partnership with the SEC and look forward to working together to address the pressing issue the industry is facing."
Based on the statistics on the reports received from the public and related agencies from 1 January – 31 October 2023, the SEC has taken actions to ensure continuous public protection and crime suppression, as follows: (1) Posting warnings on the SEC website under the "Investor Alerts" section, allowing the public to check information on 265 individuals on the alert list, (2) Collaborating with the Anti-Fake News Center Thailand under the Ministry of Digital Economy and Society, to issue 90 public warnings, (3) Filing 10 criminal complaints with the authority regarding investment scams that falsely claimed association with the SEC by using the names/logos or images of the SEC executives, (4) Forwarding 163 cases regarding fraudulent loans with exaggerated high returns to the Fiscal Policy Office for consideration of legal action under the Emergency Decree on Fraudulent Loans B.E. 2527 (1984), and (5) Submitting 85 cases to the Ministry of Digital Economy and Society for further action.
The SEC strongly advises the public to stay alert of fraudulent investment solicitation and contact the Investment Scam Hotline if they have suspicious cases to report regarding persons, products or companies allegedly operating without license. The SEC will verify and further investigate all submitted instances. Additionally, the public can access and check information promptly by themselves at the SEC website: www.sec.or.th/seccheckfirst or the SEC Check First mobile application or make inquiries through the SEC Hotline to protect themselves from falling victim and suffer damage from fraudulent activities and investment scams in the capital market.
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