1] Phishing

Definition of term: Phishing (Private data + fishing) is a portmanteau meaning a cybercrime in which a target is contacted by means of information communication devices by someone posing as a legitimate institution to ensnare individuals into a fraud scheme. It is punishable as a fraud or racketeering crime under the perpetrator Act

* Criminal Act, Article 347 (Fraud)

(1)	A person who defrauds another, thus taking property or obtaining financial advantage from another, shall be punished by imprisonment with labor for not more than ten years or by a fine not exceeding KRW 20 million.

① Phishing is a fraud-related crime intended to scam another person’s property.

② It is a special fraud crime occurring in the field of finance through non-face-to-face transactions,

③ using a means of information communication devices.

2] Major types

1. Fraudulent scams based on fabricating that a child is kidnapped or injured in an accident

[Fraud techniques used] The perpetrator impersonates a child calling his/her parent for help (to wire money in a hurry) after being injured in an accident or kidnapped. Fabrications frequently used include a child kidnapped on his/her way home from school; a military-enlisted son hurt due to an accident; a child kidnapped or injured due to an accident in an overseas country during academic study.

2. Asking for money to be sent on messenger, claiming that he/she is an acquaintance of the child concerned

[Fraud techniques used] Asking a parent to send money in a hurry, making it seem to settle a false claim for damages privately from a traffic accident using one-to-one dialogue or memo through the ID and password obtained from hacking;

3. Fraudulent scams related to card loan or bank deposit, using internet banking

[Fraud techniques used] The perpetrator obtains a victim’s credit card-related information including the number, password, CVC number and internet banking-related information (e.g. ID, password, account number, authorized certificate password, security card number, etc.) through theft of names or information leakage or a lie and arranges to have card loan made in the name of the victim and then have it transferred to the perpetrator’s account.

4. Fraudulent scams to extort a bank deposit, etc., using a fabricated urgent text message sent by a financial institution or the Financial Supervisory Service (FSS)

[Fraud techniques used] The perpetrator sends a fabricated text message, making it appear like a public notice (concerning a security update, checking information leakage, etc.) sent from a financial institution or the FSS, tricks the victim into providing information on his/her financial transaction, and obtains a loan in the name of the victim with the said information.

5. Obtaining a victim’s telebanking information via a phone conversation and extorting money

[Fraud techniques used] The perpetrator calls a senior citizen (many of them being in their 50s through 70s), obtains telebanking information (such as resident registration number, passwords for money wire and bankbook, security card serial number, security card code, etc.) through the theft of names, information leakage, or a fabrication, and then arranges to get a credit card loan made in the name of the victim or have money transferred from the victim’s account to the perpetrator’s account.

6. Scamming a victim into going to an ATM for extortion of money

[Fraud techniques used] The perpetrator impersonating someone from an investigation agency calls a victim, fabricating that the victim needs to go to an ATM as a safety measure concerning his bank account due to a criminal case that has occurred, and then extorts money by having the victim operate the ATM.

[Fraud techniques used] The perpetrator impersonating someone from an official agency (e.g. NTS, NHIC, or NPS) calls a victim, fabricating that the victim needs to go to an ATM to supposedly get reimbursed for overcharged taxes, insurance premium, pension installment, etc., and then extorts money by having the victim access the ATM.

7. Scamming a victim into transferring money to the perpetrator’s account

[Fraud techniques used] The perpetrator impersonating someone from an official agency (e.g. the public prosecutor’s office, the police, FSS, etc., fabricating that someone attempted to withdraw money from a victim’s account, and then extorts money by having the victim transfer money to the perpetrator’s account, claiming that it is necessary to trace a real transfer transaction.

[Fraud techniques used] The perpetrator calls a student or a parent and has him/her pay school tuition fee, making it seem as if the call is from the school, to the perpetrator’s account.

8. Extorting card loan money, using ARS and credit card information illegally obtained

[Fraud techniques used] The perpetrator obtains card loan in the name of the victim through the theft of names, information leakage, or a fabrication, scamming the victim into providing information such as credit card number, password, CVC number, etc., and then arranges to have the money transferred to the perpetrator’s account.

9. Extortion of money by scamming a victim by impersonation

[Fraud techniques used] The perpetrator makes a victim believe that a false situation created by the perpetrator is a real one by impersonating a credible person, such as a bank employee, police officer, etc., and then extorts money from the victim

10. Extortion of money by fabricating that there has been a remittance error for the payment of goods

[Fraud techniques used] The perpetrator contacts a victim, claiming that he/she sent money to make a payment for goods or hotel bill, etc. and then contacts the victim again later on, fabricating that there was a remittance error and asking for the return or payment of the difference.

Source: FSS (www.fss.or.kr)