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 [...]
SEOUL, Oct. 7 (Korea Bizwire) – The Financial Supervisory Service joined forces with YTN FM Radio on Friday in an effort to fight voice phishing crimes, which have grown rampant in Korea over the past decade. In accordance with the agreement, YTN will air radio campaigns using voices of actual criminals to maximize the FSS’s [...]
SEOUL, June 22 (Korea Bizwire) – Korea’s Financial Supervisory Service (FSS) revealed Tuesday that it has decided to implement a ‘Paparazzi Policy for Financial Malpractice’, through which informants can receive up to 10 million won ($8,600) in rewards. The policy will be operated until year’s end in order to dissuade unlawful financial activities, and encourage [...]
SEOUL, Jan.25 (Korea Bizwire) – ‘A’, a woman in her 20s, confessed to living the life of a voice phishing caller. After graduating from university, ‘A’ tried everything to land a job, but couldn’t get employed in the depressed economy. It was then that she was tempted to accept a voice phishing caller job. The [...]
SEOUL, Oct. 15 (Korea Bizwire) – Two teenage students who studied abroad in China were caught after they were involved in a voice phishing crime in which they attempted to steal money from the elderly. According to law enforcement officials, Koo (aged 19) and his friend broke into an elderly woman’s house and stole 17,460,000 [...]
Seoul, July 13 (Korea Bizwire) – Who do you think are the main victims of voice phishing? You would be very wrong if you thought the elderly were most susceptible to being deceived. The younger demographic tend to be the main targets of tele-financial fraud, if anything, and they also tend to be the offenders. [...]