Financial Supervisory Service Issues Alert on Messenger Phishing Impersonating Family and Friends

Messenger Phishing Losses Reach 41.6 Billion KRW in First Half of This Year
Elderly Most Vulnerable
Always Refuse Requests for Personal Information and Fund Transfers

[Asia Economy Reporter Song Hwajeong] The Financial Supervisory Service (FSS) has issued a consumer alert as messenger phishing impersonating acquaintances such as family and friends, and voice phishing disguised as government-supported loans and debt adjustments are on the rise.

According to the FSS on the 6th, damages caused by messenger phishing impersonating acquaintances such as family and friends have recently increased. The damage amount from messenger phishing was recorded at 41.6 billion KRW in the first half of this year. Although this is a 10.9% decrease compared to the same period last year, the proportion of damage increased by 8.4 percentage points to reach 63.5%. The damage amount from messenger phishing increased from 34.2 billion KRW in 2019 and 37.3 billion KRW in 2020 to 99.1 billion KRW last year.

In particular, 58.9% of the messenger phishing damage amount in the first half of this year occurred among those aged 60 and above, showing that the elderly are especially vulnerable to such damage.

Scammers impersonate children, friends, etc., approach via text messages, steal personal information directly or indirectly, and embezzle funds. They demand sending photos of resident registration cards or driver’s licenses, credit card or bank account numbers and passwords directly, or induce installation of malicious apps to remotely control the victim’s phone and steal information. Additionally, fraud cases have occurred where scammers use stolen personal information to apply for open banking services and embezzle all balances from accounts at other financial institutions.

There is also concern about voice phishing damage that induces access to malicious URL addresses and return calls by pretending to be government-supported loans and debt adjustments such as low-interest refinancing loans for small business owners and the New Start Fund. Scammers mainly use text messages to lure consumers by claiming they are eligible to apply for government-supported loans (such as low-interest refinancing loans for small business owners) or debt adjustments (such as the New Start Fund). Then, scammers request personal information such as resident registration numbers, income, workplace, and asset status, claiming it is necessary for accurate consultation. To obtain low-interest refinancing loans, they say existing loans must be repaid, additional loans taken and immediately repaid to improve credit scores, then receive funds and embezzle them, or send malicious URL addresses to induce installation of remote control apps, and embezzle funds through the victim’s banking app access during debt adjustment application and review.

The FSS urges consumers to always refuse requests for personal information provision and fund transfers, and never click on URL addresses from unknown sources. An FSS official explained, "If you receive a text message impersonating family or acquaintances requesting personal information or fund transfers, first refuse and then directly call to confirm if it is really the family member or acquaintance. If you receive advertising text messages impersonating financial companies or public institutions and disguised as government-supported loans or debt adjustments, do not click on the URL address included in the message, delete it immediately, and do not make return calls to the sending number."

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