Report damages from financial fraud within 5 minutes to get your money returned


‘A’ signed into ‘B’ bank’s internet website using her authentication certificate to do an account transfer. However, she failed to transfer money no matter how many times she has repeated the transfer process. When she sat down in front of her computer after two hours she found out someone has withdrawn 10 million won from her account. The bank later found out that the criminal signed into ‘B’ bank’s website more than 10 times using A’s authentication certificate from three different IP addresses. The swindler got access to A’s authentication certificate and passwords through malignant codes planted in A’s computer.


Financial fraud is becoming more sophisticated and financial consumers are becoming more and more prone to those vicious tricks. ‘Voice phishing’ was one of the most common types of financial fraud, however, there have been increasing number of reports of the so called ‘Memory hacking’ recently. It’s a new type of bank fraud which criminals withdraw one’s money from bank accounts using malignant codes which they have secretly planted into consumer’s computer.
Number of reported damages from voice phishing is consistently decreasing from 8,244 cases in 2011 to 5,709 last year. However, report of damages from financial frauds using malignant codes is taking up its place. 1,263 damages due to pharming were reported from January to July, 2013 while there have been 18,631 reports of smishing damages from January to June, 2012. In particular 112 damages from memory hacking were reported during the last two months, leaving 690 million won worth of total damage.


Victims from financial frauds are bailed out in accordance with the ‘Special Act on Return of Damages by Telecommunication Financial Fraud’ in case they report the damage to the police immediately. However, problem is that financial defrauders withdraw victim’s money within 5 minutes after transfer and it becomes very difficult to track that money. Of course victims can have their money returned even after the incident but they have to undergo complicated procedures such as filing a civil suit. In worst case scenario, if the victim loses the case, he or she would have to bear all litigation costs not to mention huge amount of time and effort put into the lawsuit.

So, it is absolutely important that you REPORT TO THE POLICE (dial 112) IMMEDIATELY after you have recognized the fact that your money had evaporated into thin air.


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