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Scammers net millions in phishing swindles

Published: 15 Sep. 2009, 01:22

A total 36.2 billion won ($29.5 million) was lost over the last three years by Koreans who fell victim to telephone phishing, according to a report by Korea Post.

Korea Post, under the Ministry of Knowledge Economy, submitted a report to Rep. Kim Gi-hyeon of the Grand National Party that said 7,006 voice phishing scams targeting Koreans with accounts at the central post office were reported to them from 2007 to late last month.

The number is on the increase, according to the report. In 2007, 1,211 cases were reported with losses amounting to 7.4 billion won.

In 2008, 3,690 cases were reported, totaling 18.6 billion won in damages. From January to August this year, 2,105 telephone phishing cases were reported, worth around 10.2 billion won in losses.

Phishing scammers call a person’s cell phone pretending to be a police officer, government official or bank employee.

They then request personal information so that they can withdraw money on their victims’ credit card or from their bank account.

Last year some scammers identified themselves as employees at the Supreme Public Prosecutors’ Office or even of KT, according to victims’ reports.

“Many people who have accounts at the post office are working-class citizens and the present measure of just stopping transactions in the account [after the scam has been reported] is not enough,” said Kim.

“There needs to be a comprehensive countermeasure by the Ministry of Knowledge Economy to aggressively tackle losses from voice phishing.”

By Cho Jae-eun [[email protected]]