BUSAN, Nov. 29 (Korea Bizwire) – In a development reminiscent of a spy thriller, a criminal syndicate engaged in voice phishing, or “vishing,” has been successfully dismantled by South Korean authorities. The enterprising organization, amassing a staggering 15 billion won (approximately $13.5 million) in illicit proceeds, resorted to a method straight out of Hollywood to elude [...]
SEOUL, Nov. 1 (Korea Bizwire) – A voice phishing analysis model developed by the South Korean government this year that is thought to be the first of its kind in the world has played a pivotal role in the investigation of voice phishing crimes. The Ministry of the Interior and Safety (MOIS) announced on Tuesday that [...]
SEOUL, July 6 (Korea Bizwire) — The government has launched a higher-accuracy voice analysis model aimed at curbing rampant voice phishing scams and other voice-based crimes and plans to share the technology with foreign investigative bodies, a senior interior ministry official said Thursday. South Korea sees more than 20,000 cases of voice phishing scams every [...]
SEOUL, April 21 (Korea Bizwire) — Voice phishing caused a loss of more than 100 billion won last year, but only a small amount has been returned to the victims, data showed Thursday. The Financial Services Commission revealed that voice phishing resulted in losses of 145.1 billion won (US$109 million) last year, with a return [...]
SEOUL, March 1 (Korea Bizwire) — With the value of losses caused by voice phishing estimated at about 1.7 trillion won (US$1.28 billion) over the past five years, South Korean banks are exploring various measures to limit future losses from similar criminal activity. Shinhan Bank introduced an alarm system in March last year that uses [...]
SEOUL, Aug. 22 (Korea Bizwire) — A leader of a phone scam ring may face up to life imprisonment in South Korea from now on, as the prosecution has toughened punishment guidelines for such crimes, judicial sources said Monday. The Supreme Prosecutors Office (SPO) last week enforced the harsher penalty guideline aimed at better responding [...]
SEOUL, June 23 (Korea Bizwire) — The government will launch a joint investigation team to eradicate voice phishing crimes that cause damage worth more than 700 billion won (US$538 million) annually, the prosecution said Thursday. The Supreme Prosecutors Office (SPO) announced it will form the joint investigation team with relevant agencies, such as the National [...]
SEOUL, March 8 (Korea Bizwire) — Major South Korean lender Shinhan Bank said Monday it will introduce artificial intelligence (AI)-based automated teller machines (ATMs) that detect abnormal activities to prevent voice phishing. The new ATMs detect a user’s suspicious activities, such as talking on their cell phone while using the machine or wearing sunglasses or [...]
SEOUL, Oct. 30 (Korea Bizwire) — Contrary to popular belief, young people were found to have fallen prey to voice phishing scams more than senior citizens, data showed Tuesday. According to the data from the Financial Supervisory Service (FSS), those in their 20s and 30s lost 42.5 billion won (US$37.26 million) from this kind of [...]
SEOUL, Mar. 21 (Korea Bizwire) — Nearly 1 in 5 South Koreans has suffered from financial fraud or nearly fallen prey to financial scams, a poll showed Wednesday. According to the survey of 2,530 people, 2.6 percent of the respondents said they had fallen victim to voice phishing, Ponzi schemes and other financial scams at [...]