Thailand Struggles with Romance Scam Losses of 32.4 Billion Won... What About Korea?

New Type of Crime: Gaining Favor via Messenger and Extorting Money Under the Pretense of Investment
174 Domestic Romance Scam Reports and 4.2 Billion KRW in Damages Over the Past 4 Years

[Asia Economy Reporter Park Hyun-joo] Recently, crimes known as 'Romance scam'?where perpetrators gain trust through online messengers and then extort money?are on the rise. In South Korea, cases of romance scam victims have surged recently, emerging as a social issue.

According to the Thai media outlet The Nation on the 7th, from March to October, a total of 2,123 romance scam reports were filed over eight months. The amount lost reached 861.49 million baht (approximately 32.4 billion KRW). In just last month, 189 reports were received, with losses amounting to 150 million baht (5.64 billion KRW).

Romance scam is a compound word combining 'Romance,' meaning dating, and 'scam,' meaning fraud. Scammers typically approach victims through online chat applications or social networking services (SNS), then use various pretexts such as investments to swindle money from them.

Thai police spokesperson Noppawan Panya explained, "Scammers generally post fake profiles on dating apps, Line, Facebook, Instagram, etc., using photos of handsome men or beautiful women to lure victims," adding, "After gaining the victim's trust, they advise them to invest small amounts in fake apps or websites." He further warned, "Initially, victims may receive profits and be able to withdraw their investments, but when they invest larger sums, the scammers cut off contact and disappear with the money."

Earlier in Thailand, in May, more than 20 Chinese nationals were arrested after staying in a resort as a group and conducting romance scam fraud. Investigations revealed they used female photos to lure victims and coaxed them into foreign exchange trading investments to extort money.

South Korea is no exception. Since the spread of COVID-19, the use of non-face-to-face platforms has increased, and romance scam damages have gradually risen. According to the National Intelligence Service's International Crime Information Center, from January 2018 to November 2021, a total of 174 romance scam reports were received, with total damages amounting to 4.2 billion KRW. Among these, last year's damages reached 2.07 billion KRW, a more than fivefold increase compared to the previous year (370 million KRW).