[2021 National Audit] Kim Sang-hee "Smishing Impersonating Financial Institutions Increased 2.6 Times"

[Asia Economy Reporter Joselgina] This year, smishing attempts impersonating financial institutions targeting citizens facing economic difficulties due to the prolonged COVID-19 crisis have increased 2.6 times compared to last year.

According to data submitted by Kim Sang-hee, Deputy Speaker of the National Assembly (Science, Technology, Information and Broadcasting Communications Committee, Gyeonggi Bucheon-byeong), from the Korea Internet & Security Agency, the number of smishing cases impersonating financial institutions detected until August 2021 was 1,807, a 2.6-fold increase compared to the same period last year. In contrast, smishing impersonating delivery services decreased sharply by 21%, and impersonation of acquaintances dropped by 2%, showing opposite trends.

This is interpreted as smishing campaigns impersonating credit loans and policy finance targeting low-credit or emergency fund-needing citizens are rampant amid strengthened bank loan regulations to manage household debt, inducing clicks.

Although the number of smishing detections compiled by the Korea Internet & Security Agency this year decreased to 19% compared to last year, the actual number of damage cases and amounts recorded by the National Police Agency have rather increased. From January to August 2021, the number of smishing damage cases reached 829, already surpassing the total number of cases for the entire previous year. At this pace, it is expected to exceed 1,200 cases by the end of the year, with the damage amount likely to be the largest ever.

Deputy Speaker Kim Sang-hee said, “It is concerning whether types of smishing not detected by the Korea Internet & Security Agency’s smishing detection system are increasing,” and added, “Since smishing detection is based on filtering reported data, active reporting by the public is necessary.”

He continued, “Currently, the internet fraud reporting system separately receives reports on phishing, smishing, pharming, and voice phishing through different responsible departments, making it difficult for victims to find the correct reporting office,” and pointed out, “There is a need to establish an integrated internet fraud crime reporting platform to unify the reporting window and actively promote it.”

Deputy Speaker Kim added, “Current laws have limitations as they cannot block numbers used for smishing crimes,” and said, “I hope the three amendment bills, including the Telecommunications Business Act, which I sponsored in June to suspend the use of phone numbers used in crimes such as smishing and prostitution, will be promptly passed.”

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