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South Korea to Expand Voice Phishing Law to Include Cryptocurrency Telephone Fraud

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It is reported that the Financial Services Commission (FSC), the highest financial regulator in South Korea, said on Tuesday that South Korea will expand its e…

South Korea to Expand Voice Phishing Law to Include Cryptocurrency Telephone Fraud

It is reported that the Financial Services Commission (FSC), the highest financial regulator in South Korea, said on Tuesday that South Korea will expand its existing voice phishing law to include telephone fraud related to cryptocurrency. FSC said that South Korea plans to amend the current law so that when the local authorities receive the report of voice phishing scam, they can freeze the cryptocurrency accounts of suspected offenders in the exchange. The Financial Supervisory Authority and the ruling People’s Power Party will propose amendments to the local voice phishing law in April, which will allow financial institutions and cryptocurrency service providers to share account information and suspend all suspicious accounts on different platforms. FSC said that the loss of voice phishing involving cryptocurrency reached about 20 billion won (US $15 million) last year, twice the 8.26 billion won reported in 2020. （Forkast）

South Korea’s financial regulator will crack down on voice phishing involving cryptocurrency

Interpretation of the news:


The Financial Services Commission (FSC) in South Korea has announced its plans to expand the existing voice phishing laws to include telephone fraud involving cryptocurrency. They aim to amend the current law so that when local authorities receive a report of a voice phishing scam, they can freeze the cryptocurrency accounts of suspected offenders in the exchange. The Financial Supervisory Authority and the ruling People’s Power Party will propose the amendments to the local voice phishing law in April. This will enable financial institutions and cryptocurrency service providers to share account information and suspend all suspicious accounts on different platforms.

Voice phishing, also known as “vishing,” is a type of scam that uses telephones, email, or text messaging to trick people into giving out sensitive information such as financial passwords, bank account details, or social security numbers. According to the FSC, the loss of voice phishing involving cryptocurrency reached about KRW 20 billion (US $15 million) last year, twice the KRW 8.26 billion reported in 2020.

The expansion of the voice phishing law to include cryptocurrency telephone fraud can be seen as a positive move towards protecting the growing cryptocurrency market from fraud and theft. It highlights an increasing concern for cryptocurrency scams and the need for stricter regulations governing the use and trading of digital currencies.

With the proposed changes, South Korea will be better equipped to detect and prevent fraudulent activities involving cryptocurrency accounts. Given the decentralized and anonymous nature of cryptocurrencies, they have become an attractive target for cybercriminals seeking to launder money or evade authorities. The new measures will help plug the regulatory gaps and enhance overall public trust in cryptocurrencies.

In conclusion, the FSC’s decision to expand the voice phishing law to include cryptocurrency telephone fraud is a significant step towards regulating and safeguarding the cryptocurrency market in South Korea. It demonstrates the government’s commitment to putting in place strong measures to protect investors and combat financial crimes.

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