'Corona Support Fund First-Come, First-Served'... Beware of Holiday Phishing and Smishing Scams

Many Phishing and Smishing Cases Disguised as COVID-19 Emergency Loan Support

[Asia Economy Reporter Koo Chae-eun] 'Small business support funds distributed on a first-come, first-served basis,' 'Imminent exhaustion of loan limits for micro-enterprises'

Such phrases have led to a surge in voice phishing and smishing scams disguised as 'COVID-19 emergency disaster loans,' prompting the government to send warning text messages.

On the 1st, the Korea Communications Commission announced that, in cooperation with the Korea Association for ICT Promotion (KAIT) and mobile carriers, it will send text messages to subscribers of the three major mobile carriers warning them to be cautious of voice phishing and smishing disguised as COVID-19 government support loans.

According to the government, voice phishing and smishing scams have recently surged, impersonating regulated banks and public institutions under the guise of 'government emergency disaster loan guidance,' misleading users into believing the messages come from credible institutions.

For example, messages use provocative expressions such as 'first-come, first-served distribution' and 'loan limit exhaustion imminent.' There have been cases where victims were asked to send money to accounts under the pretext of repaying existing loans or improving credit scores, or were induced to install malicious applications due to the necessity of non-face-to-face loans amid the COVID-19 impact, leading to theft of funds by obtaining digital certificates, OTPs, etc.

Accordingly, the government decided to provide prevention guidance. Starting from the 29th, the Korea Communications Commission will send warning texts about voice phishing and smishing disguised as COVID-19 government support loans to subscribers of the three major mobile carriers, and will provide prevention information to budget phone subscribers via billing statements (mail/email).

The Financial Supervisory Service explained, "Public institutions do not advertise financial product loans via phone calls or text messages," and added, "If someone introduces themselves as a loan officer from a commercial bank and asks you to install a mobile app or enter personal information, it is 100% an illegal loan scam."

The National Police Agency stated, "We will strictly punish telecommunications financial fraud crimes disguised as government support loans, and will continue to respond firmly to illegal loan scams that cause public anxiety and social confusion."

This content was produced with the assistance of AI translation services.