The current situation regarding investment scams through online channels has become increasingly concerning and has caused widespread harm to the public. Various deceptive tactics are being used, with constant evolution in their forms and the use of new technologies. As a result, the public and investors are increasingly falling victim to these schemes. In Thailand, online investment scam cases have caused the highest amount of financial damage compared to other types of online crime cases.

IOSCO recognizes the importance of addressing the issue of online investment scams, which affect member countries around the world. A large number of investors have become targets of these scams, which are increasingly sophisticated and widespread, often spreading through platform service providers. Recently, IOSCO has requested the cooperation of platform service providers to support and collaborate with regulators in their respective countries to prevent and combat online investment scams. IOSCO has also issued a statement encouraging platform providers to implement measures or mechanisms to manage and monitor fraudulent content, such as immediately removing deceptive content from online platforms. Furthermore, IOSCO encourages platform service providers to utilize IOSCO International Securities and Commodities Alerts Network (I-SCAN), which is designed to collect data on behaviors indicative of investment fraud, unlicensed companies, and other suspicious activities reported by member countries. The goal is to display and warn the public about these flagged entities, thereby enhancing the efficiency of preventing and blocking the spread of such deceptive information to the public.

Mrs. Pornanong Budsaratragoon, SEC Secretary-General, said: “The SEC places great importance on protecting investors from investment scams, especially those that occur through online platforms. As an IOSCO member, the SEC is committed to fully supporting the implementation of IOSCO's initiative, and believes that it will serve as a collective push by global regulators to encourage platform service providers to cooperate with regulators in their operating countries in the fight against online investment scams. This cooperation aims to mitigate the impacts and damage caused by such fraudulent activities.

“The SEC has taken action on multiple fronts and has continuously integrated cooperation with relevant agencies. We also receive strong support from platform service providers in Thailand and will continue to fully collaborate with various platform providers to combat these threats, with the goal of ensuring that the public and investors are in a safe environment, free from online investment scams,” added Secretary-General. 

To report suspicious investment solicitations or seek advice, please contact the SEC via the Investment Scam Hotline at 1207, press 22, or visit the SEC website at www.sec.or.th/scamalert . Additionally, you can verify service providers and licensed/approved entities under the SEC’s supervision at www.sec.or.th/seccheckfirst  or through the SEC Check First mobile application. These channels aim to protect the public from falling victim to fraudsters involved in investment scams in the capital and digital asset markets.

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* IOSCO is an international standard setting body for securities regulation.