"Write a Statement of Reflection"... Why Financial Scams Are Now Targeting Young Adults in Their 20s and 30s

Victims in Their 20s and 30s Now Account for 66%
"Gaslighting-Type Scams" on the Rise
Familiarity with Digital Technology Becomes a Vulnerability

In financial scams, the primary target group has shifted from the elderly, who were previously the main victims, to young adults in their 20s and 30s who are familiar with digital environments.

On January 30, Toss Bank reported in its "Toss Bank Financial Fraud Prevention Report" that, recently, people in their 20s and 30s now account for more than half of all financial scam victims. This result overturns the conventional perception that financial fraud mainly targets the elderly.

The proportion of financial scam victims in their 20s and 30s among all age groups rose from 54% in 2024 to 66% in 2025, an increase of 12 percentage points in just one year. The average amount lost per victim was 28 million won for those in their 20s and 44.62 million won for those in their 30s. Notably, there have been many cases where victims are not only tricked into making simple transfers but are also manipulated into taking out loans, resulting in long-term financial burdens.

The photo is not directly related to the content of the article. Pixabay

The main technique behind the recent surge in financial scams is so-called "gaslighting-type (psychological manipulation) crimes." Scammers maximize fear and guilt by accusing victims of being perpetrators. They claim, "A bank account in your name has been used for a crime," present fake indictments and official documents, and create a scenario that mimics an actual investigation, thereby isolating the victim psychologically. There have even been cases where victims are asked to submit written statements of reflection or self-introductions, further immersing themselves in the fabricated situation.

In one real-life case, a victim in their 30s, referred to as Mr. A, received a call from a scammer impersonating a prosecutor, claiming Mr. A was involved in an illegal bank account scheme. The scammer pressured Mr. A, saying, "If you do not cooperate with the investigation, you may be treated as a suspect," and demanded that Mr. A write statements of reflection and self-introductions to send to family and acquaintances. Feeling psychologically overwhelmed, Mr. A transferred a total of 97 million won in three transactions over just eight minutes.

A Toss Bank representative stated, "Young adults in their 20s and 30s, who are skilled with digital information, may mistakenly believe they can quickly verify the fake evidence presented by scammers, making them even more susceptible to fear. In particular, young people with little experience in financial transactions are at greater risk of falling victim to loan scams and other types of fraud. We will continue to share information about scam types and work to protect consumers."

In response, experts emphasize three essential principles to follow if you suspect financial fraud: ▲ Prosecutors or police will never notify you of criminal involvement or instruct you to conduct financial transactions over the phone during an actual investigation; ▲ They will not isolate you from your contacts under the pretext of a "secret investigation"; and ▲ Most crime verification pages found through portal searches or links in text messages are likely to be fake, so caution is required.