"○○ Bank Special Guarantee Loan"... Bank Impersonation SMS Spam Doubled

Bank Impersonation Text Spam Persists Despite Eradication Measures
150,000 Cases in 2022 → Estimated 320,000 Cases in 2023 Surge

○○ Bank Livelihood Stability Agreement Guarantee Loan Target Product Information

Special Guarantee Program Implemented with ○○ Bank Credit Guarantee Funds - Application Targets

Spam text messages impersonating banks are once again on the rise. According to data submitted by the Korea Internet & Security Agency (KISA) to National Assembly member Hwang Unha of the National Assembly's Political Affairs Committee on the 7th, the number of reported spam text messages containing the names of commercial banks decreased from about 660,000 cases in 2021 to about 150,000 cases in 2022, but surged to about 240,000 cases as of August 2023. It is expected to increase to about 320,000 cases by the end of this year. Spam text messages impersonating commercial banks are showing a trend of doubling compared to the previous year.

The decrease in spam text messages impersonating commercial banks from about 660,000 cases in 2021 to about 150,000 cases in 2022 was influenced by the government's joint announcement of the "Measures to Prevent Illegal Spam Distribution Impersonating Banks" by related ministries. However, the sharp increase from about 150,000 cases in 2022 to about 240,000 cases as of August 2023 suggests that the joint measures by related ministries may have lost their effectiveness.

However, since the data submitted by KISA only reflects the number of reported spam text messages impersonating commercial banks and not the total number distributed, it is generally believed that far more spam text messages impersonating commercial banks were distributed to mobile service subscribers.

Assemblyman Hwang Unha stated, “It is very difficult to distinguish between general advertisements and spam impersonating commercial banks with the naked eye, raising concerns that the digitally marginalized and those struggling to make a living may be disproportionately affected.”

He continued, “Once damage occurs due to spam impersonating banks, the long process from police investigation to damage relief involves psychological and material suffering for the victims,” emphasizing, “The Financial Services Commission, Financial Supervisory Service, Ministry of Science and ICT, and other related ministries must promptly establish strong measures to eradicate spam text messages impersonating banks that disrupt people’s livelihoods.”