Surge in Financial Crimes Such as Ponzi Schemes
Measures Taken Including Malicious App Removal Notifications
Kakao Pay announced on May 22 that, through its proprietary 'App Integrated Security Solution' service, it detected and notified users of more than 70,000 malicious apps related to virtual assets over the past month.
Recently, the company detected a malicious app that had been identified as a suspected Ponzi scheme (multi-level financial fraud) operator by a virtual asset exchange.
Kakao Pay explained that more than 80% of the malicious apps detected over the past month were related to virtual asset Ponzi schemes.
According to the payment and settlement report recently released by the Bank of Korea, as of the end of December last year, the total amount of virtual assets held domestically reached 104.1 trillion won, marking an all-time high.
The '2024 Virtual Asset Usage Survey' conducted by the Korea Financial Consumers Protection Foundation found that 20.3% of virtual asset holders had experienced criminal damage.
A Kakao Pay representative stated, "As the virtual asset market grows, new forms of financial fraud and other security threats continue to emerge," adding, "Kakao Pay is making every effort to protect users through its malicious code detection capabilities."
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