Martial Arts, 'Online Seminar on Preventing Trade Fraud'

The Korea International Trade Association (KITA) held an online seminar on "Preventing Trade Fraud" on the 24th in collaboration with the Seoul Metropolitan Police Agency and the Korea Trade Insurance Corporation, streamed on its official YouTube channel (KITA TV). The seminar will be available for viewing until the 28th.

This seminar was organized to prevent trade fraud, which has been steadily occurring amid the recent global high-interest rate environment and geopolitical risks that have increased the risk of Korean companies failing to collect export payments, and to minimize losses. According to the Korea Trade Insurance Corporation, the trade industry has suffered from 373 cases of trade fraud over the past three years.

Experts from each organization participated in the seminar to introduce cases of email hacking attempts, methods to respond to email trade fraud, ways to utilize trade insurance, and coverage scope.

KITA shared cases where emails impersonating the B2B platform "TradeKorea," operated by the association, were sent to induce clicking on links containing malware or to lure participation in open chats. They also urged recipients to refrain from clicking links if the email content seems unnatural or suspicious and to contact KITA for verification. The Seoul Metropolitan Police Agency explained preventive measures against trade fraud, such as verifying email sender information, as well as post-incident response methods. They emphasized the importance of requesting payment suspension from the transaction bank and reporting to the local police station while preserving the original email infected with malware if trade fraud occurs via email. The Korea Trade Insurance Corporation explained the types of trade fraud and the coverage scope provided by trade insurance. They particularly highlighted caution against identity theft fraud, which is difficult to cover with trade insurance, sharing related cases.

Lee Myung-ja, Head of Overseas Marketing at KITA, stated, "There have been numerous reports recently of phishing emails impersonating credible institutions such as the Trade Association." She added, "The association is employing various methods, including website pop-ups and hosting seminars, to prevent corporate damages, so we hope the industry remains vigilant and maintains continuous interest."