South Korea to Expand Voice Phishing Law to Include Cryptocurrency Fraud

03/02/2023 05:51 • Metaverse Matters • 144 views

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

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The Financial Services Commission (FSC), the highest financial regulator in South Korea, has announced that the country will extend its existing voice phishing law to encompass telephone fraud related to cryptocurrency. Under the proposed law, when local authorities receive a report of a voice phishing scam, they will be able to freeze the cryptocurrency accounts of suspected offenders on the relevant exchange. Both the Financial Supervisory Authority and the ruling People’s Power Party will submit proposals to amend the local voice phishing law in April, which will enable cryptocurrency service providers and financial institutions to share account information and suspend all suspicious accounts on different platforms.

South Korea has recently witnessed a sharp increase in the loss of voice phishing involving cryptocurrency, which reached about 20 billion won (US $15 million) last year, twice the amount reported in 2020. The expansion of the voice phishing law is intended to deter fraudsters and protect the victims from financial loss. Incidents of voice phishing involve scam phone calls in which the criminals attempt to trick people into divulging their personal and financial information, often leading to the fraudulent transfer of money from the victim’s account to that of the fraudster.

The proposed amendments to the voice phishing law have been welcomed by industry experts who believe that stricter regulations will make it more difficult for criminals to carry out fraudulent activities related to cryptocurrency. Cryptocurrency has gained significant popularity in South Korea in recent years, and the country has taken a proactive approach to regulating the market, using various measures to curtail illegal activities. The expansion of the existing voice phishing law to include cryptocurrency fraud is a necessary step towards safeguarding the interests of investors.

In conclusion, the expansion of the voice phishing law in South Korea to encompass cryptocurrency fraud is a positive step that will offer legal protection to those investing in the crypto market. As the country continues to tackle financial crimes, the proposed amendment will make the cryptocurrency market more secure for investors, financial institutions, and cryptocurrency service providers.

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South Korea to Expand Voice Phishing Law to Include Cryptocurrency Fraud

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

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