Central bank warns against high-yield forex scam

By The Nation

 

Wachira Aromdee

 

The Bank of Thailand issued a warning on Tuesday against a foreign exchange trading scam circulating on social media and websites.

 

Wachira Aromdee, assistant to the BoT governor for Financial Markets, said some websites and social media pages are inviting people to invest in forex trading and are guaranteeing high returns on investments.

 

“These websites are possibly a scam or a pyramid scheme, where they make money from entry fees with no actual trading of foreign currency,” she warned.

 

Wachira said that according to Thai laws, any transaction involving foreign exchange must be carried out by agencies such as commercial banks and securities companies with a permit from the Finance Ministry.

 

“You can check the list of licensed agencies on BoT’s website [www.bot.or.th],” she said.

 

Any individuals or companies engaging in forex trading without a permit will be in violation of the Foreign Exchange Law, and probably the Emergency Decree on Obtaining Loans Amounting to Public Cheating and Fraud, Wachira added.

 

Source: https://www.nationthailand.com/news/30376663

 

-- © Copyright The Nation Thailand 2019-09-24

Follow Thaivisa on LINE for breaking Thailand news and visa info

You mean the ones that keep appearing on Facebook

7 minutes ago, snoop1130 said:

“These websites are possibly a scam or a pyramid scheme

So what is The Bank of Thailand going to do to stop them,

BEFORE their citizens lose a lot of money,and start crying

about it .

regards worgeordie

Can’t say fag&$t or post anything the ‘doesn’t meet community standards’ on Facebook but feel free to post paid obvious scam ads that rip people blind...

28 minutes ago, MadMuhammad said:

Can’t say fag&$t or post anything the ‘doesn’t meet community standards’ on Facebook but feel free to post paid obvious scam ads that rip people blind...

it's all about the money !!

 

High yield is the red alert
 

Edited September 24, 20196 yr by Nowisee

Some  Thai  woman I know is doing this BS, they  sign up pay in 15k  baht then its grows  about 1.5% a  day, she then is  paid  more to tell all her friends  how wonderful it is  until it  all comes  crashing down, pyramid  scheme  nothing less

What a shame I avoid Facebook, the narcissist haven. Just think, I could be having my personal details harvested, sold,  and being scammed like everyone else.

Does she mean the FED or the ECB? Or just any bank in general ...

Which is in direct competition to the Low Yield forex scam run by the central banks themselves. 

 

13 hours ago, davehowden said:

it's all about the money !!

 

If you mean Fb, you're spot on.

The only scam I’m aware of takes place at Bank of Thailand, with the foreign hot money inflows—that keep the Baht artificially high.  It also drives down tourism and exports...

Of course! In any investment the higher the return, the higher the risk of losing money