As a new type of voice phishing scam involving the purchase of gift certificates at unattended kiosks in large supermarkets to launder criminal proceeds spreads, the Financial Supervisory Service (FSS) issued a "caution" consumer alert on August 9.

The FSS warned, "Recently, methods of cashing out voice phishing funds by purchasing gift certificates instead of transferring funds or withdrawing them via ATMs are on the rise, and victims who handed over their accounts or debit cards after being tricked by promises of loans can also face criminal punishment."

Scammers posing as savings banks and other institutions told low-credit individuals that they would help them get loans by purchasing gift certificates on their behalf, thereby obtaining their debit cards and bankbooks.

The accounts secured in this way were misused as burner accounts (daepo tongjang) to receive deposits from other refinance loan voice phishing victims.

Investigations showed that once the victimized funds were deposited, withdrawal agents purchased large quantities of gift certificates at supermarket kiosks to convert them into cash, which was then converted into virtual assets and remitted to overseas masterminds.

In response, the FSS emphasized, "Account holders can face up to 5 years in prison or a fine of up to 30 million won for violating the Electronic Financial Transactions Act, and if registered as a person engaging in financial order disturbance activities, opening new accounts and utilizing loans may be restricted."

The FSS will also pursue follow-up measures to respond to the new modus operandi.

It has consulted with gift certificate issuers such as large supermarkets to significantly lower the purchase limits for gift certificates at unmanned kiosks.

Previously, up to 5 million won could be purchased per transaction, but going forward, it will be restricted to 1 million won per transaction and 1 million won per day.

In addition, the FSS plans to expand information sharing with relevant organizations by utilizing the Anti-Scam Analysis Platform (ASAP), an artificial intelligence platform for sharing and analyzing voice phishing information.

(Photo: Yonhap News)