Police target phishing and reading room fraud crimes... Losses have already exceeded 1 trillion won this year, marking an all-time high

Romance scams, smishing, etc.

Multi-victim fraud damages up 31%

National Investigation Headquarters sets up dedicated team and launches special crackdown

Multi-Victim Fraud Prevention Law also being promoted

Financial losses suffered by the public due to multi-victim frauds such as voice phishing and investment reading rooms surpassed 1 trillion won in the first half of this year. The police have decided to fully mobilize their capabilities for a special crackdown on multi-victim fraud, while also actively pursuing legislative measures to reduce such crimes and damages.

Police target phishing and reading room fraud crimes... Losses have already exceeded 1 trillion won this year, marking an all-time high. According to the Korean National Police Agency on the 15th, the scale of multi-victim fraud from January to June this year reached 1,031.2 billion won, exceeding 1 trillion won for the first time in a half-year period. This represents a 30.5% increase compared to the first half of last year (789.9 billion won). The scale of multi-victim fraud has been rapidly increasing, from 547.9 billion won in 2022 to 588.2 billion won in 2023, and 1,687.0 billion won last year.

Ongoing incidents of voice phishing, smishing, and investment reading room scams have led to increasing scam losses. Even voice phishing, considered a classic method, saw damages hit 854.5 billion won last year, a record high, with 642.1 billion won in losses in the first half of this year alone.

Multi-victim fraud, referred to as an 'economic murder,' has recently become a social problem as more victims make extreme choices. Office worker A (28) fell into debt of over 100 million won from a coin investment scam and took his own life at Yeongheung Bridge, Incheon, on the 17th of last month. In February, three women fell victim to an art-tech investment scam and made an extreme choice, resulting in the death of the eldest daughter in her 40s. Last year, a woman in her 40s who lost about 100 million won in a stock investment scam attempted a joint suicide with her elementary school son, who died in the attempt.

The National Investigation Headquarters of the Korean National Police Agency plans a full-scale response to strictly punish fraud targeting the general public. On this day, the NIH held a kickoff meeting for the 'Multi-Victim Fraud Response Task Force (TF)' and organized a dedicated investigation team for special enforcement. Since most of these crimes are transnational, international cooperation and coordination will also be strengthened.

The NIH will also work on legal and institutional improvements, such as re-pushing for the Multi-Victim Fraud Prevention Law, which failed to pass in the 21st National Assembly, under a new name. This bill focuses on shifting the paradigm from crackdowns and arrests to prevention and blocking. Park Sung-joo, head of the National Investigation Headquarters, said, "Fraud is a serious social threat that destroys community trust beyond just economic loss" and emphasized, "We will fully mobilize police resources with a determination to eradicate it and deliver tangible results the public can feel."

Reporter Ryu Byung-hwa hwahwa@hankyung.com