The South Korean government has announced a comprehensive policy to address the rise of new phishing scams and fake accounts, known as ‘신종스캠’ and ‘대포계좌’. These crimes threaten everyday financial security and are considered one of the seven major abnormal crimes. The Financial Services Commission (FSC) convened a voice phishing response meeting on March 26, led by Vice Chairman Kwon Dae-young, to review ongoing countermeasures and discuss additional policy tasks. The focus is on enhancing administrative tools and leveraging all available resources to effectively prevent these evolving financial crimes.
The policy impacts financial institutions, law enforcement agencies, and the general public. Financial companies will see strengthened detection rules and improved information sharing, especially for suspicious accounts linked to new scam types such as investment leading rooms, romance scams, no-show scams, and team mission scams. Collaboration with the police is emphasized to quickly share and accumulate case data, enabling the development of joint detection rules and integration into each institution’s abnormal transaction monitoring systems. The ASAP (AI platform for phishing information sharing and analysis) will be used to facilitate real-time sharing and utilization of suspicious account information.
Implementation will begin with the launch of a ‘Voice Phishing Eradication Council’ in April 2025, involving the FSC, Financial Supervisory Service, Korea Financial Security Institute, and all financial sector representatives. By the third quarter, new detection rules and system updates will be rolled out. The government also plans to revise standard operating procedures for fraud prevention and victim relief by May 2025, in close consultation with police and financial institutions. Legislative amendments are underway to ensure that new scam types receive the same level of detection and account freezing as traditional voice phishing crimes.
Frequently asked questions include: What are the new scam types being targeted? They include investment scams, romance scams, no-show scams, and team mission scams. How will financial institutions respond to suspicious accounts? They will use updated detection rules, collaborate with police, and utilize the ASAP platform for information sharing. What legal changes are expected? The government is pushing for amendments to allow rapid account freezing and fund recovery for all scam types. These measures aim to protect customers and reinforce trust in the financial sector.
The South Korean government’s strategy to combat new phishing scams and fake accounts is comprehensive and timely. By strengthening detection capabilities, improving information sharing, and launching a dedicated council, authorities are addressing both immediate and long-term challenges. The planned legislative amendments and use of AI platforms like ASAP indicate a forward-thinking approach. These measures, rooted in collaboration across financial institutions and law enforcement, are expected to significantly reduce scam-related risks and enhance public trust.