Thailand Threatens Facebook Over Crypto Scams and Other Fraudulent Ads

As the world turns almost digital, people of all ages and professions seek success in this innovative atmosphere of computers and technology. The tech-based economy has grown unprecedentedly over the past few years, attracting many individuals. 

A large pool of companies has entered the digital business operation realm. On the one hand, it has enabled users to carry out their business affairs effortlessly and smoothly, but the digital world is prone to scams and frauds of various degrees. Online scams are rising in different parts of the world, making digital business ideas risky and depreciating. 

A report on Statista reflects a massive financial loss of about 10.3 billion U.S. dollars occurred globally due to the evil acts of computer or digital experts. Many digital scams happen, but phishing is the most common, where a fake operation occurs to steal the victim’s data. It is what is happening with Facebook ads around the world, compelling Thailand’s digital ministry to start a rebellious campaign against Meta’s Facebook. 

Thailand’s Threat to Facebook Over Ads Scams

Thailand has suffered a tremendous financial loss due to misleading and fake ads campaigns from fraud masterminds, attracting numerous Thai citizens to the scam. This year, around two hundred thousand people fell prey to over 5,300 scam ads on Facebook. 

The Ministry of Digital Economy and Society (MDES) of Thailand has warned Meta, Zuckerberg’s company that owns Facebook, to end such fraudulent activities on Facebook, or it will get banned permanently. Chaiwut Thanakamanusorn, the MDES Minister, conferenced on 21st August, narrating the plan to legally put down Meta’s operation in Thailand if it fails to stop misleading ads on Facebook. 

The ads vary as they target an audience of different preferences. Sometimes, the ads feature renowned celebrities promoting a digital product, and some claim lucrative returns on investment and trading of crypto. Most Facebook ads lure people into a scam, stealing their resources, data, and money.

Crypto Scams and Other Digital Frauds

Cryptocurrency is the best investment asset where an investor and trader can earn lucrative returns, but the risks must be tackled with expertise. If you are into making legit income from crypto and other blockchain-based projects, you may visit here to learn in-depth. 

However, crypto and any other financial asset never offer a shortcut to earning riches, and having a shortcut-friendly mindset is your biggest enemy. This mindset pushes myriads of unaware and ill-educated persons about finances into the scams that occur around the globe. 

Unless you have a robust understanding of the asset and its market trends, you will lose your wealth. Here are a few examples of digital scams, including crypto and other scams. 

#1. Phishing

An act of deceiving people for stealing their sensitive data is what we call phishing attacks. The phishing attackers are computer experts who know the creation of malicious files that can take control of your computer and other digital devices. 

The victims usually fall prey to such attacks when searching for information online and accessing an insecure website or application. They get the malicious file into their device, making them hand over their device’s control to the attackers. 

Another way of phishing attacks is fraudulent emails, where the hacker inserts a link to the manipulated file. Upon its opening, the victim is no longer in charge of the system. 

#2. Copycat Government Websites and Ads

Scammers employ a robust website design, creating a replica of the official government platform. Such scams offer government services, such as the renewal of official documents with a set amount of charges or tax filing. They take the money without executing the official process. 

Scammers also use digital platforms, like Facebook, to post ads about different services and products. Ads offer bogus opportunities with fake promises of generative high revenues to users, making them believe and spend their money. Crypto malware is another digital scam affecting a vast amount of people. 

#3. Pharming

It is an advanced digital scam where hackers take the traffic from a high authority website to a fake replica. This form of fraud includes the best programming from the hacker’s end, making it challenging to avoid. 

You are navigated to a highly malicious place despite the correct website address. Pharming needs cybersecurity experts to assess the hacked website and stop scammers from stealing resources. 

Also Read: Privacy and Data Protection: Preserving Confidentiality in a Digital World

The Future of Meta in Thailand

The fundamental economics of Meta, including Facebook, is based on running ads. They earn a considerable profit out of advertisements and promotions. The problem with advertising on Facebook is that it is an open stage for anyone to perform. It weakens the ad regulation of Meta, allowing various scams and harmful activities on the renowned social media platform. 

A legal warning from the MDES of Thailand is an adequate setback for Meta to ban the platform forever in Thailand. It will provide an impactful blow to the finances of Meta unless Mark Zuckerberg ensures a top-notch ads regulation, limiting scammers and evil masterminds to operate under the shadow of overnight riches. 

Meta is under siege due to its failed concerns about poor fraud prevention on the platform. South Korea, Australia, Ireland, Norway, Canada, the European Union (EU), and many others have fined Meta for this failure, but nothing has changed. If Zuckerberg wants Meta to remain a popular platform, it must address security concerns immediately. Last but not least, there will be another topic related to crypto – binance.

Frequently Asked Questions

Is Facebook Free From Fraudulent Ads?

Facebook allows users to boost their products and services on the platform to attract traffic. It charges certain fees for an ad campaign that targets a specific audience. Meta does not have a state-of-the-art regulatory system that can control scam ads on the platform.

Why Do I Cope with Scam Ads on Facebook?

You must understand different digital scams to detect if an ad is fraudulent or legitimate. It is also necessary to never fall for financial shortcuts as they are mostly scams. Whenever you observe an unhealthy activity on Facebook or other digital platforms, report it immediately. 

How to Stop Ads on Meta or Facebook?

Facebook offers an “Ad Preferences” feature in your account settings. It allows you to view the ad campaigns you have come across recently with an option to hide advertisers you are uncomfortable with. However, you can’t stop ads on Facebook or Meta completely.