Thailand’s online fraud hits a new ‘baht’-tering high

Thailand last month witnessed a dramatic surge in online fraud, with a staggering 34,989 cases reported and total losses hitting a whopping 3.47 billion baht. That’s an eye-watering average daily loss of 111.98 million baht. Meanwhile, requests to freeze suspicious accounts topped 13.54 billion baht, with police managing to lock down 1.49 billion baht.

Deputy Government spokesperson Karom Phonphonklang highlighted the top five categories of online fraud that were reported.

Fraudulent sales of goods or services by individuals not linked to organised crime resulted in damages of 149.78 million baht. The second most prevalent type of fraud involved bogus job offers, which caused financial losses amounting to 689.42 million baht. Loan scams followed closely behind, leading to damages of 142.21 million baht.

Investment fraud conducted via computer systems was another major concern, with damages reported at 1.29 billion baht. Additionally, fraudulent prize or purpose transfers led to losses totalling 257.67 million baht, said Phonphonklang.

“The rise in online fraud cases is alarming, and it is crucial for the public to remain vigilant and report suspicious activities promptly.”

Breaking down the numbers further, the 3.47 billion baht in damages from these online fraud cases underscore the severe financial impact on individuals and businesses alike. The successful freezing of 1.49 billion baht out of the 13.54 billion baht requested reflects ongoing efforts by police to curb these fraudulent activities.

Fraudulent sales

The reported damages from fraudulent sales of goods or services were significant, with non-organized crime perpetrators causing nearly 150 million baht in losses. This category typically includes scams where sellers fail to deliver purchased items or services after receiving payment.

Job offer scams were particularly damaging, with nearly 690 million baht lost. These scams often lure victims with attractive job offers, only to demand money for various fictitious fees, such as training or processing fees, that never result in actual employment.

Loan scams, resulting in over 142 million baht in damages, usually involve fraudsters posing as legitimate loan providers, enticing victims to pay upfront fees for loans that are never disbursed.

Investment fraud, a significant contributor to the total damages, accounted for 1.29 billion baht in losses. These schemes typically involve convincing individuals to invest in non-existent opportunities, promising high returns that never materialize.

Lastly, fraudulent prize or purpose transfers caused over 257 million baht in damages. In these scams, victims are deceived into believing they have won a prize or need to transfer money for a specific purpose, only to lose their funds to the fraudsters, Phonphonklang said.

“It is essential to verify the authenticity of online offers and to exercise caution before making any financial transactions.”

The data underscores the importance of continuous education and awareness campaigns to help individuals and businesses protect themselves from online fraud. As scammers employ increasingly sophisticated techniques, staying informed and cautious remains crucial in mitigating the risks of falling victim to such fraudulent schemes, reported Pattaya News.