Although reports of scams have decreased in the media, many people still suffer financial losses to fraudsters. Recent data from the Online Fraud Prevention Center shows that in June 2026, financial and investment fraud cases ranked fifth in number but had the highest average damage per case at 276,201.44 baht, the highest among the top five categories!","tags":["financial fraud","investment scams","statistics"]},{
Recently, there have been reports that the Department of Special Investigation (DSI) raided and seized assets aiming to tackle Forex networks or unauthorized foreign currency investment and trading schemes. However, such fraud cases have not disappeared easily. Thairath Money spoke with victims and financial experts to delve into how advanced Forex scam tactics have become and why they are increasingly dangerous.
Many have heard that trading Forex, or foreign exchange trading for profit, is easy: just transfer money, and a "person" will invest it for you, returning profits. Yet many find that although their account balances rise, they cannot withdraw funds. In numerous cases, the platform or app simply shuts down and disappears.
This is a standard method of Forex scams practiced for decades, resembling a pyramid scheme where fraudsters use money from new victims to pay old ones, cycling endlessly. However, these scams have evolved, using new "disguises" to deceive victims into transferring money.
Free Investment Classes!
In an era when many seek investment knowledge, fraudsters exploit this by posting on social media platforms such as Facebook groups or sharing via Line, offering free investment classes. After some lessons, they provide links or apps directing participants to invest on their platforms or websites. Some know the investment is Forex but lack full understanding, resulting in substantial losses.
Well-Meaning Friends Inviting You to Prosper Together
Years ago, Forex scams targeted working adults, but now they increasingly target university students. Some may be invited by well-intentioned friends to learn about investing. Once inside fraudulent systems, they lose saved money together. In worse cases, scams use multi-level recruitment to earn referral fees or commissions from platforms.
Use of Celebrities or Influencers for Advertising
Scam tactics include building trust by projecting success through luxury cars, designer brands, or displaying portfolio profits, enticing people to invest and get rich together.
The House Loan Kickback Scheme
Fraudsters first lure victims to raise investment funds via loans. Some send teams to persuade victims to invest with promises of high returns. If victims lack funds, they are encouraged to take out bank loans for homes or condos at inflated prices. In some cases, victims are deceived into purchasing up to seven condos, as part of organized schemes using fabricated financial documents claiming business ownership to deceive banks. Once victims receive large bank loans, they are tricked into investing in the fraudsters' Forex schemes.
One notable case remembered by Thais is the Forex-3D scandal, which promised 60-80% returns on Forex trading. Over 9,824 victims suffered losses exceeding 2.49 billion baht. Complaints led to the Department of Special Investigation prosecuting those involved for fraud and illegal loan schemes.
A common misconception causing many Thai victims is believing that trading Forex on various platforms is legal in Thailand. In reality, the Securities and Exchange Commission (SEC) has clarified that Forex is not classified as securities, futures, or digital asset businesses, and thus is not regulated by the SEC.
Meanwhile, the Bank of Thailand (BOT) has reiterated three main points regarding Forex:
In summary, Thailand does not grant licenses to the general public for Forex trading, and unauthorized platforms advertising Forex trading are committing fraud.
Finally, anyone considering investing in Forex or new investments should thoroughly verify before committing funds. If you encounter claims like “guaranteed investment returns” or “profits will definitely surge by 100%,” step back and consider whether it is a genuine investment or merely deception.
ReferencesBank of Thailand (BOT),Department of Special Investigation (DSI),Securities and Exchange Commission (SEC), Online Fraud Prevention Center
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