The SEC organized a video clip public contest themed, “Spot the Scammers, Be Cautious Before Investing”,” during 1 – 29 February 2024. The entries were video productions in relation to fraudulent activities in the capital market through social media channels, such as Facebook, Instagram, YouTube and TikTok. The contest attracted 117 submissions. The 1st, 2nd and 3rd place winners are Mr. Artnarong Jaisuk, Mr. Krittayot Kaewsathon, and Miss Yaowapa Dokrak, respectively. The winner announcement took place on 11 April 2024. The replay can be viewed at the SEC Facebook Page: https://www.facebook.com/sec.or.th/videos/2697000437133331/ All submitted works can be searched with the hashtags in Thai language: #รู้ทันมิจฉุกคิดก่อนลงทุน #จับปลอมหลอกลงทุน.   

Mrs. Pornanong Budsaratragoon, SEC Secretary-General, said: “The SEC is pleased that the contest is well-responded and becomes a success, contributing significantly to a united effort with the public for more extensive risk warnings of fraudulent acts. In this regard, the SEC would like to thank all the 117 contestants and extend our gratitude to the contest’s expert judges from five organizations, namely the Ministry of Digital Economy and Society, the Anti-Fake News Center, the Bank of Thailand (BOT), the Stock Exchange of Thailand (SET) and the Electronic Transactions Development Agency (ETDA), for their contributions which help enhance public awareness in this matter and drive the project “Spot the Scammers, Be Cautious Before Investing” towards successful outcomes.”

As the SEC’s priority is given to deterrence of investment frauds and scams, the SEC has launched, since November 2023, the Investment Scam Hotline 1207, extension 22, to receive tip-off information about suspicious activities in the capital market so as to protect the public from widespread harms. With more than 400 reported cases a month, the SEC directly coordinates with and conveys the tip-off messages received to the service providers of platforms, namely Facebook, Instagram, Line and TikTok, that the fraudsters or scammers use for their schemes to block those online fraudulent accounts/sites right away. So far, 90 percent of the total social media scam accounts/sites reported to the SEC have been shut down. 

The SEC strongly advises the public to exercise caution when being solicited to make investment in possibly fraudulent schemes, the red flags of which are, for example, offering extremely high returns, guaranteeing returns, urging for investment without requiring prior knowledge, pressuring to make a quick decision, asking to transfer money into the accounts of private individuals, and impersonating SEC, SET or listed companies’ executives or celebrities or investment gurus etc. The SEC urges the public to check if the solicitors are approved or licensed by the SEC through the mobile application “SEC Check First”, verify information before making investment decisions by directly inquiring the companies or individuals whose names or photos are referred to, and strictly refrain from transferring money into accounts of private individuals to avoid falling victim to frauds and scams.