JT Chin-ae Savings Bank Female Employee Prevents Billion-Won Voice Phishing Scam

Kim Young-joo, Assistant Manager of JT Chin-ae Savings Bank Daejeon Branch (left), is receiving a certificate of appreciation from Lee Dong-gi, Chief of Daejeon Dunsan Police Station, on the 6th. Photo by JT Chin-ae Savings Bank

[Asia Economy Reporter Kim Min-young] An employee of JT Chin-Ae Savings Bank prevented a phone financial fraud (voice phishing) that could have caused damage worth hundreds of millions of won.

Kim Young-joo, a manager at the Daejeon branch of the savings bank, met a customer in his 70s on the 30th of last month who requested to prematurely withdraw 50 million won from a fixed deposit. The customer filled out a financial fraud prevention checklist with Manager Kim and calmly explained that the cash withdrawal was to pay labor costs for construction fees, showing no unusual behavior. Nevertheless, since the customer was elderly and unaccompanied by family, Manager Kim recommended using a check or wire transfer instead of cash, and if cash withdrawal was insisted upon, suggested accompanying the customer with a police officer. However, the customer firmly denied that it was voice phishing and rejected all suggestions.

Manager Kim asked one last time where and how the money would be taken after withdrawal, and when the customer replied that he would take a taxi to a neighborhood different from the registered address in the system, Kim sensed something suspicious and continued the conversation to buy time. Meanwhile, when the branch manager called the customer's mobile phone, it was busy, and seeing a 050 number on the phone left on the lobby chair, they became certain it was voice phishing and reported it to the police.

Police investigation revealed that the caller was a voice phishing criminal. The customer had already withdrawn 50 million won from another financial institution, so the confirmed amount of prevented damage was at least 100 million won.

Park Yoon-ho, CEO of JT Chin-Ae Savings Bank, said, "Protecting customers' valuable assets from illegal financial fraud is the fundamental role of a community finance institution," and added, "As voice phishing methods become increasingly sophisticated, we will continue to do our best to protect our customers."

JT Chin-Ae Savings Bank announced on the 7th that Manager Kim received a letter of appreciation from the Daejeon Dunsan Police Station.