[Exclusive] "Just Make a Quick Transfer"?How My Account Got Frozen After Falling for a Scam

49,012 Cases Last Year, Up 47% from 2021
25,502 Cases as of April This Year
Types of Fraud-Related Accounts Diversifying
Group Accounts and Virtual Accounts on the Rise
"Increase Attributed to Various Financial Fraud Crimes"

The number of accounts suspected of being used for financial fraud continues to rise. This increase is attributed to the expansion of the scope for requesting payment suspensions, which was previously limited to voice phishing (telephone financial fraud), in order to enable immediate responses as various types of financial fraud are on the rise.

According to data obtained by the office of Democratic Party lawmaker Lee Jungmoon from the Financial Supervisory Service on July 16, the number of payment suspension requests for fraud-related accounts at the five major banks (KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup) and the three internet banks (KakaoBank, K Bank, Toss Bank) reached 49,012 cases last year. This represents an increase of approximately 47% compared to 2021. Starting from 33,395 cases in 2021, the number rose to 40,525 in 2022, and 42,764 in 2023, showing a steady upward trend through last year. Notably, the number of payment suspensions this year is likely to surpass last year's total, as 25,502 cases were recorded by April 2025, already exceeding half of last year's figure.

Payment suspension for fraud-related accounts was established to combat voice phishing crimes under the current Special Act on the Prevention of Damage and Refund of Damages from Telecommunications-based Financial Fraud (Telecommunications Financial Fraud Refund Act). Under this system, if it is recognized that an account was used for voice phishing, the financial institution can suspend payments from that account. Payment suspension can be initiated if a consumer requests it, if investigative agencies or the Financial Supervisory Service provide information suspecting the account to be used for fraud, or if an identity verification process for a suspicious transaction account leads to the presumption that it is a fraud-related account. As financial fraud methods diversify, the supervisory authorities have expanded the scope of the payment suspension system. Recently, the Financial Supervisory Service distributed guidelines to financial institutions allowing victims of investment scams?where fraudsters promise returns in investment chat rooms and then abscond with the funds?to apply for payment suspension as well.

The types of accounts being used for fraud are also diversifying. Looking at group account payment suspension cases, the number surged from 279 in 2021 to 1,560 in 2022, then reached 2,131 in 2023, and 2,022 last year, maintaining levels above 2,000 cases. As of April this year, the figure stands at 335. Most payment suspensions?an average of 92%?were processed at KakaoBank. However, as other banks have launched group account products, KakaoBank's share of payment suspension cases has gradually decreased, accounting for only 74% this year. A KakaoBank representative stated, "The number of group account customers is about 12 million, which is overwhelmingly higher than other banks," adding, "We are working to prevent voice phishing damage by changing group account usage policies and other measures."

Payment suspensions for virtual accounts (based on parent accounts) have also increased over the past five years. The five major banks, three internet banks, and the National Credit Union Federation of Korea recorded 124 payment suspensions for virtual accounts in 2021. The numbers rose to 162 in 2022, 227 in 2023, and 176 last year, with 121 cases recorded as of April this year. A virtual account refers to a deposit-only temporary account number linked to a parent account of an electronic payment gateway (PG) company, used for purposes such as utility bill payments or online shopping.

By bank, KakaoBank recorded the highest number of payment suspensions last year with 8,479 cases. This year, Nonghyup Bank has the highest number, with 4,919 cases. The bank with the steepest increase last year was Toss Bank, with a growth rate of 91.6%. Toss Bank explained, "The increase in users inevitably expanded the base, but according to the public notice of the debt extinction procedure, the number of payment suspensions is now sharply decreasing." From 2021 to April 2025, KB Kookmin Bank had the highest total and annual average number of payment suspensions, with 35,909 cases in total and an annual average of 7,182 cases.

Banks explained that the increase in numbers is mainly due to their diligent fulfillment of financial consumers' payment suspension requests, but also acknowledged the rise in various types of financial fraud crimes. KB Kookmin Bank stated that, due to its larger customer and account base compared to other banks, it naturally has a higher number of payment suspensions. Additionally, recent analyses of payment suspension cases revealed that young male customers in their 20s and 30s are often victims. In particular, there has been an increase in scam-related fund transfers using accounts under the victim's own name, with many cases involving inducement through trade payment remittance, part-time jobs disguised as simple transfer work, and requests for transaction history to secure low-interest loans. Furthermore, the bank emphasized that the sharp rise in investment scam-type crimes, which are not typical voice phishing, is another reason for the increase in payment suspension cases.

The use of virtual assets as a main channel for laundering voice phishing proceeds has also contributed to the surge in payment suspensions. Nonghyup Bank, which was partnered with Bithumb until March this year, explained that payment suspensions increased from September last year, after Bithumb abolished its withdrawal delay system. The virtual asset withdrawal delay system was designed to prevent cases where voice phishing proceeds are converted into virtual assets, by restricting new users from withdrawing purchased virtual assets to external wallets for a certain period.

Lee Jungmoon, a lawmaker from the Democratic Party, stated, "Recently, the types of crimes exploiting accounts are becoming increasingly diverse and the methods more sophisticated, leading to a surge in payment suspension cases for fraud-related accounts." He added, "As young people and vulnerable groups are becoming primary targets, it is essential for the government and financial institutions to work closely together and establish a comprehensive response system to minimize their losses."