Beware of Phishing Scams Saying "Get Emergency Living Expense Loans"

Pretending to be institution or bank support loans to induce consultation calls
Requesting personal information or advance payment... Caution needed
Ministry of Economy and Finance, NH Nonghyup Bank "We do not send such messages"

[Asia Economy Reporter Hwang Seoyul] Recently, phishing scam text messages have been sent, urging recipients to submit identification under the pretense of receiving a government-supported 'Emergency Living Expense Loan.' Caution is necessary to avoid falling victim to these scams that aim to extract personal information.

According to the Ministry of Economy and Finance and NH Nonghyup Bank on the 20th, text messages claiming to be from the 'Emergency Living Expense Loan' program, stating that the recipient is eligible and should apply as soon as possible by calling the provided phone number, have been confirmed as phishing scams. Both the Ministry of Economy and Finance and NH Nonghyup Bank, listed as the supervising and handling institutions respectively, have stated, "We do not send such messages."

Phishing scam text messages disguised as 'Emergency Living Expense Loans' / Photo by Reader Provided

The phishing text messages for the 'Emergency Living Expense Loan' claim that the recipient is eligible but has not yet applied, urging them to apply remotely via phone consultation. The messages list institutions such as the Ministry of Economy and Finance as the supervising agency, the Credit Guarantee Foundation as the guarantor, and NH Nonghyup Bank as the handling institution, making it appear as if it is a government-supported program. Phrases like "Apply now as early closure is expected" or "First-come, first-served support" are used, setting the application deadline as the same day to pressure recipients, which is one of the tactics to induce scam victims.

When contacting the provided phone number, an automated response system (ARS) stated, "We are currently consulting with another customer; press 1 if you wish to speak." After pressing 1, the system requested, "Please enter the loan amount in units of 10,000 won and then press the star key." After entering the amount, the message said, "We will contact you in the order of receipt," and the call was disconnected. Two hours later, a call was received from someone claiming to be an NH Nonghyup Bank consultant named OOO, asking if the loan application was submitted, whether there are any current loan delinquencies, employment status, income, and mobile phone carrier and model. When asked why the phone model was needed, the caller replied, "The application form varies depending on the phone model," and said the application form would be sent via text message. It is known that scammers use such tactics to request personal information or demand advance payments for loan execution.

Both the Ministry of Economy and Finance and NH Nonghyup Bank, listed as the supervising and handling institutions respectively, warned, "We do not send such messages," urging caution. A Ministry of Economy and Finance official stated, "These messages are highly likely to be phishing," and added, "We plan to report this matter to the Financial Supervisory Service." An NH Nonghyup Bank official also emphasized, "As a first-tier financial institution, we do not send such messages."

The Financial Supervisory Service issued a consumer alert around the 7th of this month regarding 'voice phishing disguised as false policy fund loans' using similar methods. The Financial Supervisory Service explained that consumers should be careful not to mistakenly disclose personal information or deposit money into fraudulent accounts due to misunderstanding loan applications. If you receive calls or messages similar to the above cases, do not comply with requests or reply or return calls. It is advisable to directly inquire with regulated financial institutions about the availability of government-supported loans. In case of financial fraud, promptly contact the financial institution or the Financial Supervisory Service call center to request payment suspension and apply for damage relief.