Finance Minister Warns of Fake Loan Apps Using AI Deepfakes
Finance Minister Ekniti Nitithanprapas warned that fraudsters are using AI deepfakes of his face and the Ministry of Finance logo to promote fake loan and investment apps. He confirmed the Ministry never certifies such apps, which must be approved by the Bank of Thailand, and said he has filed a police report after his own likeness was abused. The public is urged to verify all solicitations before trusting them.
On November 13, 2026, at Government House, Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas addressed the growing number of victims who lost money through loan applications that claimed to be certified by the Ministry of Finance. He said fraud cases have surged, with criminals employing face-swapping, voice-cloning, and AI technology to deceive people. The Bank of Thailand is taking the issue seriously and has discussed protective measures with the Thai Bankers' Association. While progress has been made against mule accounts, authorities must keep pace with advancing technology to shield the public and resolve damages quickly.
Asked whether the Ministry had ever endorsed such apps, Ekniti categorically denied it. He explained that every financial app must undergo Bank of Thailand review; only after central bank approval does the Ministry conduct a secondary compliance check. All apps must obey the law, and each bank's legal department is also responsible for oversight.
When pressed about scam apps displaying the Ministry's logo to gain credibility, Ekniti urged citizens to stay vigilant. He disclosed that his own face had been used in an AI-generated investment ad, which startled him because of its realism. He denied ever inviting anyone to invest and said he has already reported the deepfake to police as a private citizen. He reiterated that people should verify all information before trusting any appeal, even if it appears to feature his likeness.
