Financial Supervisory Service Issues Consumer Alert on Credit Card Tax Payment Scams: "Do Not Rent or Transfer"

[Asia Economy Reporter Kim Hyo-jin] The Financial Supervisory Service (FSS) issued a consumer alert level 'Caution' on the 6th to prevent tax payment scams using credit cards targeting financial consumers.

According to the FSS, recently, fraudsters have been enticing victims by claiming they will pay the card charges and a certain fee if the victims lend their credit cards to pay local taxes (acquisition and registration taxes), but then they shift the payment burden onto the victims.

The fraudsters use the transferred credit cards for third-party tax payments and deposit the payment and fees into the victims' bank accounts before the card payment due date, deceiving them over several months, and then disappear without making further payments.

The FSS urged that credit cards should be kept personally and must not be lent or transferred to others, including family members.

Instead of lending credit cards among family members, the FSS recommends issuing and providing a family member card (family card).

The FSS also stated, "If a credit card member delays reporting the loss or theft of the card after recognizing it, they may be held responsible for unauthorized use," and advised, "Immediately report the loss or theft of the card to the card company or request suspension of use as soon as you recognize the loss or theft."

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