New phishing scam accounts delayed or blocked for a month, around 5,000 cases

South Korea has introduced a new measure to combat evolving phishing scams by temporarily delaying or blocking transactions from suspicious accounts. The Financial Services Commission (FSC) reported that in the first month of this system's operation, nearly 5,000 accounts faced such restrictions.

Launched on June 30, the system allows financial institutions to temporarily freeze transactions from accounts flagged as engaging in new forms of phishing. The Financial Intelligence Unit (FIU) has identified 4,935 cases where financial companies took provisional measures. Of these, 3,750 accounts were temporarily frozen, and the FIU is reviewing an additional 1,065 cases for potential transaction freezes.

The FSC is now extending account blocking measures to phishing schemes that mimic goods or services transactions, moving beyond the scope of traditional voice phishing. These new tactics include "romance scams," where emotional bonds are built before financial requests are made, accounting for 1,527 cases (41%) of the flagged incidents. "No-show" scams, related to proxy purchases, followed with 1,376 cases (37%), and "team mission" scams, which lure victims into depositing money as a guarantee for supposed rewards, comprised 847 cases (22%).

The FIU advises the public to exercise caution, particularly by verifying the identities of public officials and being wary of unsolicited phone calls. This initiative aims to curb the increasing financial losses incurred by victims of sophisticated phishing operations.

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Thoroughly verify the identities of public institution employees and pay special attention to calls received on your mobile phone.