Kakao Pay recently urged caution, saying Ponzi schemes (multi-level financial scams) and phishing application (app) installations are on the rise.
Kakao Pay said on the 23rd that its in-house security service, Kakao Pay Vaccine, detected a surge in new malware (malicious code) tied to virtual asset scams, with the daily average rising from 2,000 in early this month to 6,000 in mid-month. A total of 82,812 malicious codes were detected over the two weeks through the 21st of this month.
The detected malicious codes are mostly harmful apps that lure users into virtual asset Ponzi schemes by dangling artificial intelligence (AI) trading and high returns. In response, Kakao Pay warned people to be wary of investments promising principal guarantees and fixed high returns, and urged that apps be installed only from official app stores such as Google Play or the App Store.
A typical tactic is to certify revenue in so-called "leading rooms," where investment information is shared via mobile messengers, promise substantial rewards, and then induce users to install a specific app. Kakao Pay suggested frequently checking smartphones by using professional security services such as Kakao Vaccine.
Kakao Pay said, "As phishing tactics that deceive people with difficult technology and financial terms diversify, proactive responses by platforms are important," and added, "We will further advance security solutions that can protect consumers from various financial security threats."