FSS Issues Consumer Alert
Voice Phishing Rings Laundering Victim Funds via Direct Gold Trades
Sellers' Accounts Designated as Fraud-Use Accounts and Frozen
FSS: "Use Platform Payment Systems and Professional Gold Exchanges"
#A, a person in their 20s living in Seoul, recently decided to sell gold through an online trading platform and agreed to a deal with a buyer, B. However, at the actual face-to-face meeting, a third party appeared, claiming to be B's son. This person transferred the payment to A's bank account, which had been shared in advance under the pretext of paying a deposit, and A handed over the gold. Later, however, it was confirmed that the payment was in fact money stolen from a voice phishing victim, and A's account was designated as a fraud-related account and frozen.
Gold products are on display at the Jongno main branch of the Korea Gold Exchange in Jongno-gu, Seoul. Not directly related to the article. Yonhap News
The Financial Supervisory Service recently issued a consumer alert (caution) on the 8th, warning that voice phishing rings are increasingly using direct online gold trading to launder criminal proceeds.
According to the Financial Supervisory Service, scammers impersonate the prosecution service or the Financial Supervisory Service to deceive victims and instruct them to transfer funds at a specific time. At the same time, they approach gold sellers on online trading platforms and transfer the voice phishing proceeds into the seller's account to coincide with the timing of the actual in-person transaction. In this process, the scammer demands the seller's account number in advance and uses a method of depositing the payment at the very moment they receive the gold.
If the voice phishing victim later realizes the damage and reports the gold seller as the scammer, the seller is classified as the holder of a fraud-related account, their financial transactions are restricted, and they are unable to use the gold sale proceeds they have already received.
The Financial Supervisory Service explained that scammers often refuse the seller's request for identity verification, or demand that the listing be deleted before and after the transaction in order to block other buyers from approaching the deal.
An official from the Financial Supervisory Service said, "Do not share your bank account number in advance, and use the platform's payment methods," adding, "If your account is frozen due to a person-to-person gold transaction, you may face prolonged difficulties in conducting financial transactions, so we recommend, if possible, using a professional gold exchange even if you have to bear some of the fees." The official added, "Consumers should also be cautious when engaging in direct person-to-person transactions not only for gold, but also for silver and foreign currencies."
Going forward, the Financial Supervisory Service plans to strengthen consumer guidance in cooperation with platform operators and further enhance monitoring of posts related to gold trading.
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