[Voice Phishing Exposed] "I Never Dreamed I Would Be a Victim"

Voice Phishing Cases Among Self-Employed in Their 30s

"I Thought I Wouldn't Fall for It"... Self-Blame and Pain Were Greater

Voice phishing, once dismissed as 'someone else's problem,' is no longer just about falling for a clumsy Joseonjok accent. The mockery that only fools fall for it is a thing of the past. Voice phishing, which is becoming increasingly sophisticated with overseas bases, is difficult to detect and even harder to get compensation for. Because victims were confident they would never fall for it, they suffer greater mental and financial distress than anyone else. We explore the reality and prevention measures of voice phishing, which has become a serious social problem, over three installments.

[Asia Economy Reporters Lee Gwan-ju and Yoo Byung-don] "I never dreamed I would fall victim to voice phishing."

Hwang Jeong-in (38, pseudonym), a self-employed person in Gyeonggi-do, wore a hollow smile throughout the interview. He still could not believe he was a victim of voice phishing. Known for being smart, Hwang had not even told his wife about the incident and had been silently suffering for a month.

The nightmare began with a single text message. As COVID-19 prolonged and hurt his sales, Hwang received a message from his main bank saying that additional loans were available under the name of 'government policy support funds.' The low interest rates of 1.76% to 4.15% per annum shook Hwang's resolve.

Thinking "I have nothing to lose," he called the number. Although it was suspicious that there was no voice guidance like a typical bank main number, he was reassured by the explanation that 1:1 consultations were conducted with minimal extension connections for faster service. The consultant said he needed to fill out an application form for loan screening and sent a URL via text message. After hanging up, Hwang saw a website very similar to the bank's homepage and filled out the application without suspicion. During this process, a hacking program took control of Hwang's phone.

After submitting the application, he received another call. The consultant explained that since Hwang was not an existing COVID-19 support target, the loan was difficult to approve and could only be executed on the condition that the existing loan was fully repaid. Feeling something was off, Hwang called the bank's main number again to verify. Although the hacking program was routing all calls to the voice phishing criminals, Hwang was unaware. Another consultant connected through the bank's main number gave the same explanation.

Looking back, the loan execution procedure was extremely sloppy. The consultant said the loan limit was large and to avoid Financial Supervisory Service monitoring, Hwang had to meet a bank employee offline to repay the existing loan. Hwang called the Financial Supervisory Service's main number to inquire, and received the same answer. From then on, Hwang's suspicion completely vanished.

Hwang asked his family for help and raised 20.8 million won to repay the existing loan. He then met a cash collector posing as a bank employee near a subway station and handed over the money. The collector said it would take one to two days for the repayment to be processed in the system. Hwang returned home and began planning to use the additional loan funds.

However, even after the promised two days passed, there was no notification that the existing loan had been repaid. Only then did Hwang's brother suggest it might be voice phishing and advised contacting the police. Hwang went to a nearby police station and explained the situation. The officer examined Hwang's phone and identified the 'hacking program,' confirming it was voice phishing. Shocked, Hwang filed a report on the spot.

From that moment, Hwang's days were filled with self-blame and anguish. Thinking of his wife and son who depended on him, he found it impossible to reveal the incident. He searched the internet for other victims' experiences but found no proper solutions, and cases of recovering lost money were rare. Having previously looked down on voice phishing victims, thinking "Why do they fall for such obvious tricks?" Hwang felt utterly humiliated.

Then the police contacted him. The cash collector who took the money had been caught. This man in his twenties was found to have extorted over 80 million won from Hwang and three other victims. The police sent the cash collector to the prosecution with a recommendation for indictment, and the case is currently under investigation at the Anyang branch of the Suwon District Prosecutors' Office.

Although the trial is forthcoming, the amount Hwang can recover immediately is about 700,000 won. This is the amount divided among victims based on the proportion of the money the cash collector still holds. Hwang concluded by saying, "Having experienced it firsthand, I realized how terrifying voice phishing really is," and warned, "The complacent thought of 'It won't happen to me' is truly dangerous."