The financial authorities launched a consultative body to eradicate voice phishing and decided to establish detection and information-sharing systems to respond to new criminal tactics.
On the 26th, Vice Chair Kwon Dae-young of the Financial Services Commission held a "meeting on responding to voice phishing" at Government Complex Seoul, discussed ways to respond to new voice phishing tactics, and stated accordingly. Authorities particularly focused on "new scams," such as investment leader chat rooms and romance scams, and on "borrowed-name accounts," which appear to be used for crimes based on transaction patterns but cannot be sanctioned due to a lack of definitive evidence.
The Financial Services Commission (FSC) will launch the "consultative body to eradicate voice phishing" next month and operate it on a standing basis. The aim is to strengthen the financial sector's detection capabilities and information-sharing systems. Through this body, all financial firms will share the latest criminal methods, update detection techniques, and identify and share needed institutional improvements. The Financial Services Commission, the Financial Supervisory Service, the Financial Security Institute, and related executives and employees across the entire financial sector are expected to participate.
In addition, to enable the financial sector to detect abnormal financial transactions such as new scams and borrowed-name accounts, a "joint detection rule" will be established. The Financial Services Commission (FSC) also decided to fully mobilize all available administrative tools within the current legal framework—such as enforcement decrees and administrative measures—before amending laws, to block new scams and borrowed-name accounts.
Going forward, financial firms will actively use the guidelines so they can take measures such as promptly freezing accounts and recovering losses for these new types of crimes. If there is any possibility that the current Telecommunications-based Financial Fraud Refund Act could apply, the "standard operating manual for preventing and remedying damages from telecommunications-based financial fraud" will be revised in May to allow financial firms, with police confirmation, to act.
A plan to impose transaction suspensions by using the enhanced customer due diligence system under the Act on Reporting and Using Specified Financial Transaction Information, through consultations among the police, the Financial Intelligence Unit (FIU), and the financial sector, is also being pursued. As a fundamental response, the Financial Services Commission (FSC) said it will consult and provide support to ensure the swift passage of the previously introduced "special act on the prevention and punishment of digital multi-victim fraud."