DES Reports Spike in Fake Gold and Stock Investment Scams

Thailand’s Digital Economy and Society (DES) Ministry has raised alarms after discovering that false investment news involving Hua Seng Heng topped online scams on Thai social media last week. According to the Ministry’s Anti-Fake News Centre (AFNC), fraudulent posts luring the public to invest in gold and stocks under Hua Seng Heng’s name were the most widely circulated, posing significant threats to unsuspecting investors.

Between 3–9 October, the AFNC monitored over one million online posts using advanced social listening technology, flagging 224 suspicious issues for detailed verification. The centre confirmed that the ten most prevalent fake news cases were primarily online scams that misused the names of well-known government agencies and major corporations to deceive the public.

Among private companies, Hua Seng Heng Index Futures was the most frequently exploited. Fraudulent posts falsely claimed that individuals could reserve shares in the SET50 or invest in Hua Seng Heng’s gold funds. Investors responding to these posts risked exposing personal information and financial assets to unknown parties. The DES Ministry verified with the Stock Exchange of Thailand (SET) that all reports promoting Hua Seng Heng investment opportunities were entirely fabricated.

Government agencies were also targeted in scams. The Provincial Electricity Authority (PEA) was cited in multiple fraudulent posts: one encouraged users to add scammers’ Line IDs under the pretense of receiving electricity meter deposit refunds, while another claimed that PEA officials would contact residents to request electricity meter changes. Similar scams also exploited the names of other state agencies, falsely asserting that officials would call citizens to collect personal or financial data.

The AFNC also identified fraudulent posts claiming victims of online scams could register for refunds through Facebook or TikTok accounts purportedly operated by the Anti-Money Laundering Office (AMLO). Additionally, false claims regarding online driving license renewal or application were confirmed as untrue.

For brokers, financial institutions, and investors, these findings highlight the critical need for vigilance. Social media remains a primary vector for fraud, with scammers leveraging both high-profile corporate names and government agencies to gain credibility. The DES Ministry emphasizes that investors should verify investment opportunities with official sources and exercise caution when responding to unsolicited online offers.

Authorities stress that prompt reporting of suspicious posts or scams can help mitigate losses and assist enforcement agencies in tracking and dismantling fraudulent networks. Platforms and regulatory bodies are urged to coordinate closely, ensuring that high-risk information is monitored, flagged, and acted upon to protect investors from increasingly sophisticated online schemes.

The AFNC’s monitoring operations illustrate how digital fraud can spread rapidly and exploit public trust, underscoring the necessity for proactive detection, clear regulatory oversight, and informed investor decision-making. As fraudulent posts continue to evolve in form and sophistication, financial institutions and regulators are called upon to maintain heightened awareness, implement rapid response measures, and communicate effectively with clients regarding potential threats in the digital investment environment.