South Korean crypto voice phishing attackers are becoming more sophisticated in their tactics to deceive victims out of cash and tokens. These attackers are now directing victims to fake crypto exchanges that appear to be legitimate platforms. Victims are targeted through various means, including credit card fraud and posing as employees of major financial regulators. In one case, a citizen received a text message from their bank regarding a payment they did not make. They were then led to install an app that was actually designed to divert calls to fraudsters, who instructed the victim to buy cryptoassets to prove they were the victim of a scam.
Another case involved a man who was contacted by a person claiming to be from a firm called D Investment, offering to help him receive refunds from a fake crypto social media “reading room.” The victim ended up investing over $83,000 in a bogus crypto futures exchange and later discovered that he had transferred his money to a fraudster’s bank account. Instances of South Korean crypto voice phishing are on the rise, with a female civil servant being arrested for crypto-related voice phishing. Police suspect she may have used information from her public duties to identify potential victims.
Some attackers are posing as employees of major financial regulators, such as the Financial Supervisory Service, to gain victims’ trust and guide them towards fake crypto exchanges. Victims are encouraged to install apps that are actually designed to divert calls to fraudsters, who then instruct the victims to buy cryptoassets to prove they are victims of scams. In one case, a victim ended up buying over $41,370 worth of cryptoassets and sending them to a scammer’s wallet on a domestic exchange. Despite attempts to retrieve the funds with the help of a lawyer, the tokens had already been withdrawn from the platform by the fraudsters.
The rise of South Korean crypto voice phishing attacks has led to an increase in victims falling prey to scams. In one case, a man invested over $83,000 in a fake crypto futures exchange after being convinced by fellow members of a bogus social media “reading room.” The victim later realized that the exchange was fraudulent and that his money had been transferred to a fraudster’s bank account. Police have confirmed that instances of crypto voice phishing in South Korea are on the rise, with the arrest of a female civil servant on charges related to crypto-related voice phishing. The suspect is believed to have used information obtained from her public duties to identify potential victims.
