A case has emerged of someone impersonating an executive at a midsize construction company to ask employees of partner firms to sign up for financial investment products. The person, claiming to be an executive at Company A, asked employees at partner firms to "gather people because we will hold a briefing session on financial investment products." The partner firm found the request suspicious, checked with headquarters, and the person who impersonated the executive has since cut off contact. The construction company recently carried out the process of selecting key partner firms for next year. Its management is said to have been greatly taken aback.
According to the construction industry on Dec. 1, last month Company A learned through a partner firm's report that there had been a case of fraud in which someone impersonated one of its executives and targeted employees of partner firms, and notified major partners. It also announced that the individual in question was not an executive of Company A. The person who introduced himself as a Company A executive contacted partner firms of the builder by phone and other means and demanded they gather employees because a briefing session on financial investment products would be held.
A Company A official said, "We were contacted by a small partner firm with only about five to six employees," adding, "After receiving a report that something was off, headquarters issued a notice warning them not to fall for the scam." The official said, "Management also instructed that other partner firms be notified to prevent any damage."
A website notice also said, "Our company has not encouraged any product briefings or product sign-ups linked with financial institutions, nor have we sent any phone calls or text messages of any kind," and asked for "particular caution to prevent damage from phone calls or text messages impersonating our employees." However, the builder said no actual damage had occurred and therefore it did not file a report with the police or the Financial Supervisory Service.
The scam took place as Company A was recruiting key partner firms. The builder issued a "new registration notice for materials partner firms" from Oct. 31 to Nov. 13 and recruited key partners. Targeting corporations with a corporate credit rating of B- or higher, a cash flow rating of C- or higher, and more than two years since incorporation, it recruited partner firms across 60 categories in eight institutional sectors—architecture, civil engineering, electrical, mechanical, construction machinery, safety, and common.
There have been occasional cases in the past of scams carried out by impersonating construction companies or their employees. In 2015 in Anyang-dong, Manan-gu, Anyang, a person claimed to be a Vice Administrator at a major construction company to approach insurance planners, pretended to sign up for insurance products, borrowed small sums, and was arrested. At the time, the suspect, a person surnamed Lee, even wore a construction company uniform and handed out that company's business cards to deceive the insurance planners.
In 2023, a phishing email circulated impersonating a well-known construction company with the subject line "XXX (construction company name) request for estimate for project in Ontario, Canada." The email included the content, "We would like you to submit your company's estimate for the attached items in connection with a contract underway in Ontario, Canada." The estimate document file contained a malicious link that prompted users to enter account information.
However, scams impersonating construction companies have been decreasing recently. A construction industry official said, "These days, there are almost no attempts to deceive partner firms by pretending to be construction company executives," adding, "Unlike before, companies are working to build equal partner relationships with partner firms, so such cases are even harder to find."