Police Warn of 'Voice Phishing' and 'Virtual Asset Investment Scams' Ahead of Seollal

[Asia Economy Reporter Seongpil Cho] The police have urged caution against voice phishing and virtual asset investment scams ahead of the Lunar New Year holiday.

On the 27th, the National Investigation Headquarters of the National Police Agency stated, "The most common form of voice phishing is sending 'bait messages' promising to refinance loans at low interest rates or pretending to be prosecutors or Financial Supervisory Service employees, falsely claiming involvement in criminal charges to extort money." The police emphasized, "Neither the government nor financial institutions request cash or personal information over the phone," and advised, "Hang up immediately on suspicious calls and contact the company if you need a loan."

They also warned to be cautious of scams that encourage investment by guaranteeing principal and high returns. The police explained to be especially wary of phrases such as "Our self-issued coin will be listed on an exchange, guaranteeing high returns upon investment," "Interest is paid in coins when you deposit coins," "We operate a coin reading room and can manipulate coin prices, so invest," and "Investing in a virtual asset exchange financial platform guarantees high returns."

The police stated, "Virtual assets are not legally recognized currency or financial investment products, so there are limits to protecting users in transactions," and added, "In this era of low interest rates, if an investment guarantees both principal and high returns simultaneously, you should be suspicious."

According to the National Police Agency, last year, losses from telephone financial fraud amounted to 774.4 billion KRW, and damages from virtual asset pyramid schemes reached 3.1282 trillion KRW. The police said, "Since crime prevention is the most important, please take just three minutes during this Lunar New Year holiday to talk with your loved ones."