'Overseas Remittances Without Account Numbers' as a Funding Channel... Internet Banks Becoming Hosts for Voice Phishing

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Last year, the amount of damage caused by voice phishing through internet-only banks surged.

According to the Financial Supervisory Service on the 22nd, the total amount of voice phishing damage last year was 145.1 billion KRW, a 13.7% decrease compared to the previous year (168.2 billion KRW). However, the damage amount through internet-only banks increased sharply by 17.5 billion KRW to 30.4 billion KRW from 12.9 billion KRW the previous year. The damage amount through bank accounts slightly increased to 111.1 billion KRW from 108 billion KRW the previous year.

In particular, the scale of damage through internet-only bank accounts increased. The proportion of damage through internet-only banks expanded from 7.7% in 2021 to 20.9% last year. The Financial Supervisory Service explained that the convenience of non-face-to-face financial transactions has led to internet-only bank accounts being frequently used in voice phishing crimes.

In the case of K Bank, in the second quarter of last year, it partnered with a global remittance company to launch a service that allows real-time overseas remittances without the recipient's account number. Later, in the fourth quarter of last year, despite recognizing signs that fraudsters were transferring the stolen money overseas, measures such as transaction restrictions were delayed, resulting in increased damage.

The Financial Supervisory Service stated that recently, fraudsters can access multiple accounts of victims through open banking, maintaining a high level of damage per individual since 2019. Because the stolen money is transferred through multiple accounts in a short period, it is difficult to promptly stop payments, making it hard to refund the damaged funds.

The refund rate for voice phishing was 26.1%, with 37.9 billion KRW refunded to victims. The number of voice phishing victims was 12,816, a 3% (397 persons) decrease compared to the previous year.

Meanwhile, looking at the status of voice phishing damage, impersonation types?such as pretending to be family, acquaintances, or public institutions?accounted for 78.6% (114 billion KRW), and loan fraud types accounted for 21.4% (31.1 billion KRW). Notably, the proportion of cases involving messengers or social networking services (SNS) is increasing. Although the proportion and damage scale in other age groups decreased, the proportions of those in their 20s and those aged 60 and above showed a continuous upward trend.

A Financial Supervisory Service official said, "To prevent increasingly sophisticated voice phishing damage, we will establish a system for continuous monitoring and information sharing to respond to new fraud methods," adding, "We also plan to develop indicators that reflect financial companies' own efforts to evaluate the level of internal control."

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