Public warned about fake loan apps - Bangkok Post

Finance Minister Ekniti Nitithanprapas attends the 50th House and Condo Expo in Bangkok on Oct 19. (Photo supplied/Wichit Chantaranusornsiri) Finance Minister Ekniti Nitithanprapas has warned the public about fraudulent loan and investment applications that falsely claim Ministry of Finance endorsement, even using his face and the ministry’s logo to gain credibility.

A growing number of scams are targeting people seeking loans through mobile applications, he said on Friday, adding that the Bank of Thailand and commercial banks must keep pace with increasingly sophisticated fraud methods.

He said he had discussed the issue with the chairman of the Thai Bankers’ Association, stressing the need for stronger systems to protect the public and respond quickly when people suffer financial losses.

Although authorities had made progress in tackling mule accounts, he said, advances in technology had created new challenges.

Scammers were increasingly using artificial intelligence to fake people’s faces and voices, making it easier to deceive victims, Mr Ekniti said, stressing that the Ministry of Finance had never endorsed the applications in question.

All financial applications must undergo scrutiny by the central bank, he said.

Those seeking licences must first obtain approval from the central bank, after which the ministry carries out further checks. All operators must comply with the law, with banks’ legal departments responsible for ensuring compliance.

He also said that scammers had used AI to create advertisements featuring his face to promote investment schemes without his permission.

“I have never invited anyone to invest,” he said, adding that he was shocked by how closely the fabricated image resembled him.

Mr Ekniti said he was also a victim of identity misuse and would have to pursue legal action if his image were used to deceive others.