Credit Union Blocks 3 Billion KRW in Voice Phishing Losses This Year

Forty Credit Unions Nationwide Prevent 45 Cases, Saving 1.8 Billion KRW
Enhanced FDS System Blocks 77 Additional Cases, Preventing 1.2 Billion KRW in Losses

The National Credit Union Federation of Korea announced on December 23 that it had prevented a total of 3 billion KRW in financial losses by blocking voice phishing incidents in advance through November this year.

Forty credit unions nationwide preemptively blocked 45 voice phishing attempts that were at risk of occurring, preventing approximately 1.8 billion KRW in losses. By region, Daegu and North Gyeongsang Province recorded the highest number of prevented incidents with nine cases, followed by Daejeon and South Chungcheong Province and Incheon and Gyeonggi Province with seven cases each. Seoul and Busan/South Gyeongsang Province each blocked six cases, Gwangju/South Jeolla Province five cases, Gangwon Province three cases, and North Chungcheong Province and Jeju Province each blocked one case.

The main types of voice phishing incidents blocked by the credit unions were: 20 cases of impersonation of prosecutors, public agencies, or card companies; 13 cases of loan fraud; eight cases of child abduction threats; three cases of personal information leakage; and one case involving the arrest of a cash withdrawal agent.

In particular, following the amendment of the Telecommunications Financial Fraud Refund Act in August this year, the credit union established an FDS (Fraud Detection System) monitoring center and enhanced its abnormal transaction detection system. As a result, from July to November, over a period of about five months, the credit union suspended payments on 77 suspicious transactions, preventing an additional 1.2 billion KRW in losses.

Park Yongnam, Head of Financial Consumer Protection at the National Credit Union Federation of Korea, stated, "As voice phishing tactics become increasingly sophisticated, we are strengthening our monitoring systems and preventive activities to protect the valuable assets of our members," adding, "We will continue to do our utmost to protect financial consumers through proactive measures."

Meanwhile, the National Credit Union Federation of Korea shared exemplary cases of voice phishing prevention with credit unions nationwide and awarded certificates of recognition from the federation president to six outstanding employees who contributed to prevention efforts, encouraging the dedication of frontline staff.