Phishing Impersonating Bank Employees Rampant on YouTube... FSC Issues Consumer Alert

Photo by Financial Supervisory Service

[Asia Economy Reporter Bu Aeri] Cases of impersonating bank employees on YouTube to fraudulently obtain funds have occurred, prompting the Financial Supervisory Service to issue a consumer alert at the 'caution' level.

According to the Financial Supervisory Service on the 1st, the fraudsters purchased YouTube channels with a large number of subscribers and randomly approached financial consumers with false financial technology videos, then used phishing sites to steal personal information and funds. It is presumed that the fraudsters either bought or hacked these channels on the platform.

The fraudsters used names similar to actual banks and deceived consumers by having actors impersonate bank employees promoting deposit and savings products, leading them to phishing sites.

The phishing sites resembled bank websites, causing consumers to mistakenly believe they were opening financial accounts at a bank. They were asked to enter personal information such as account numbers and account holders from other banks and to deposit funds into virtual accounts.

In response, the Financial Supervisory Service urged several consumer precautions.

The Financial Supervisory Service advised refusing requests for unnecessary personal information and transfers to virtual accounts from internet sites impersonating financial companies.

Also, before subscribing to financial products, if there is suspicion about the authenticity of the company, it is necessary to verify whether it is a regulated financial company through the Financial Supervisory Service’s e-Financial Civil Complaint Center.

In case of financial fraud damage, consumers should call the financial company’s call center or the Financial Supervisory Service call center to request a payment suspension on the relevant account and apply for damage relief.

Additionally, the Financial Supervisory Service recommended using services such as personal information exposure accident prevention systems, integrated account information management services, and identity theft prevention services.