Shinhyup Prevented 360 Voice Phishing Cases Last Year... Preventing 4.9 Billion KRW in Damages

According to the National Credit Union Federation of Korea on the 20th, credit unions detected a total of 360 voice phishing cases last year, preventing damages worth 4.9 billion KRW.
[Photo by National Credit Union Federation of Korea]

[Asia Economy Reporter Song Seung-seop] Last year, credit cooperatives prevented a total of 360 cases of voice phishing, averting damages amounting to 4.9 billion KRW.

According to the National Credit Union Federation on the 20th, credit unions detected 242 cases of voice phishing through their monitoring system and 188 cases at 95 regional credit unions nationwide. This prevented damages of 1.22 billion KRW and 3.76 billion KRW respectively. Over the past five years, the funds protected through voice phishing prevention have reached 21.6 billion KRW.

The credit union explained that this was the result of establishing a real-time transaction monitoring system. Currently, credit unions implement a high-amount withdrawal inquiry system during face-to-face transactions as well as internet, mobile, and telebanking transactions. Based on the monitoring system, credit unions select cooperatives with a high likelihood of voice phishing occurrences and conduct crime prevention education.

Park Yong-nam, Head of the Financial Consumer Protection Office at the National Credit Union Federation, emphasized, “Voice phishing crimes are cunningly changing their methods every year, threatening the assets of ordinary citizens. We will do our best to eradicate financial crimes through preventive education, continuous monitoring, and sharing crime cases among regional credit unions.”

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