South Korea's Financial Supervisory Service (FSS) issued a consumer alert at the 'caution' level on 12 November, according to Chosunbiz. The FSS had confirmed a voice phishing scheme in which scammers pose as community centre staff, stoke fears about identity theft and then steal money. One victim wired more than 100 million won last month.
The opening call. According to the FSS, the scammers call pretending to be community centre employees and say that someone came in to get documents issued using the victim's ID and a power of attorney. When the victim says they know nothing about it, the caller claims the person fled after being asked to verify their identity. That leaves the victim worried that their identity has been stolen.
Fake numbers, fake officials. The scammers then tell victims to report the problem to the Credit Information Center or the FSS, and give them fake phone numbers. When the victim calls, members of the ring take turns impersonating staff at those agencies and even prosecutors. The FSS notes that because victims believe they made the verification call themselves, they are less likely to doubt what they hear.
The money demand. The fraudsters claim the victim's account was used in a crime and order them to follow instructions to avoid arrest. They then demand money for an 'asset inspection' or 'state management', and promise to return it once the investigation ends. According to the FSS, last month's victim sent more than 100 million won three days after the first call.
Why it matters
Trust turned into a weapon. The scheme takes the advice people usually get, which is to check with an official body, and turns it against them. Malicious or remote-control apps make it worse. The FSS warns that if a malicious app is installed, calls to the police or the FSS may be routed straight to the scammers.
- If a caller tells you to ring a specific number to fix an identity theft problem, hang up straight away.
- Look up the community centre number yourself through the Government Call Center, or visit a centre in person.
- Use Account Info to see whether any accounts were opened in your name, and the Identity Theft Prevention Service to check for fraudulent mobile lines.
- Never install apps at a caller's request. If you think your phone is compromised, report the scam from a family member's or someone else's phone.
- If you have already sent money, ask the police or the sending bank's call centre to put the payment on hold immediately.
Banks on alert. The FSS said it will share details of the scheme across the financial sector. It will also guide firms to watch for red flags through branch counters and their Fraud Detection Systems, such as large deposits terminated early and transfers split across several accounts.
Sources: Chosunbiz, Asia Economy
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