60% of Thais Fell Victim to Fraud in 2024

A report by the Global Anti-Fraud Alliance (GASA) revealed that 60% of Thais were defrauded last year, suffering losses of 110 billion baht, reaching a record high.

According to GASA, in 2024, Thais lost an average of 12,956 baht to fraud, with total losses amounting to 110 billion baht.

Modern fraud schemes manipulate victims psychologically, exploiting fears or desires to achieve their objectives. The most harmful types of scams include romance scams, investment fraud, and employment scams. The prevalence of these activities is evident in the number of police reports filed.

In some scams, fraudsters impersonate police officers or officials from other government agencies, using fabricated excuses to instill panic in victims before pressuring them to transfer money or install a malicious app.

Other scams operate through social media platforms or dating apps, feigning emotional connections with victims or offering fraudulent investment opportunities promising high returns.

The fraudulent activities have damaged Thailand's economy, particularly its tourism sector. Global reports on online fraud have contributed to the concerns among tourists.

Thapanee Kiatphaibool, Tourism Authority of Thailand governor, stated that foreign tourist arrivals to Thailand could decline by 6% in 2025, with tourism revenue decreasing by 5%. This downturn stems from travelers' worries about fraud and human trafficking incidents.

BrokersView reminds you

Not just in Thailand, regulatory and law enforcement agencies worldwide have made efforts in recent years to combat fraudulent activities and protect financial consumers' rights.

Before conducting any transactions, investors should carefully verify the regulatory status of the trading platform to avoid making erroneous investment decisions under the manipulation of criminals.