[2020 National Audit] Saemaeul Geumgo Voice Phishing Losses Average 11.2 Billion KRW Annually

Assemblyman Han Byung-do: Most Victims in Their 50s, Some Under 10 Years Old

[Asia Economy Reporter Jo In-kyung] It has been revealed that the damage caused by Saemaeul Geumgo-related telecommunication financial fraud (voice phishing) over the past four years amounts to approximately 45 billion KRW.

On the 7th, Han Byung-do, a member of the National Assembly's Public Administration and Security Committee (Democratic Party of Korea, Iksan-eul, Jeonbuk), analyzed the 'Saemaeul Geumgo Voice Phishing Damage Status' data submitted by the Ministry of the Interior and Safety. From 2016 to 2019, a total of 7,996 people suffered damage from voice phishing. The cumulative damage amounted to about 45 billion KRW, with an average annual loss exceeding 11.2 billion KRW due to fraud.

During this period, the number of shell accounts issued and exploited for voice phishing fraud reached 18,145, averaging about 4,500 shell accounts created annually. Last year alone, 5,867 shell accounts were created.

By age group, victims in their 50s accounted for the largest share at 36% (2,925 people), followed by those in their 40s with 2,171 people, and those in their 60s with 1,848 people. Notably, even children under 10 years old were among the victims, with 5 cases reported, indicating that voice phishing affected even young children.

Examining major cases of damage caused by voice phishing, most scams involved impersonation of financial institutions, public agencies, or acquaintances.

Scammers approached a broad range of unspecified targets via text messages and social media, inducing victims to deposit loan processing fees and commissions, and deceiving them with claims that cooperation was needed to apprehend the criminals. When victims attempted to contact the scammers, malicious code-laden messages and hacking methods were used to prevent victims from realizing the fraud.

There were also cases where scammers impersonated acquaintances, communicated only through messengers citing difficulty in phone calls, and requested small amounts of money, which were sent without much suspicion.

Assemblyman Han pointed out, "Saemaeul Geumgo was not a safe zone from voice phishing crimes," and emphasized, "Saemaeul Geumgo must strengthen public awareness campaigns and strive to establish self-help measures not only to eradicate shell accounts but also to achieve zero voice phishing."

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