South Korean crypto voice phishing attackers are using increasingly sophisticated methods to deceive victims and steal money and tokens. According to a report, attackers are now directing victims to fake crypto exchanges disguised as legitimate platforms. They are targeting credit card users and victims of previous crypto scams, often posing as employees of major financial regulators to gain trust. The scammers are using tactics such as sending text messages pretending to be from the victims’ banks, then guiding them onto fraudulent exchanges.
One victim, referred to as A, received a text message claiming to be from their bank about a credit card payment they had not made. After calling the provided telephone number, A was directed to speak to someone claiming to be from a shopping center’s customer service department. This person then advised A to contact the Financial Supervisory Service (FSS) to confirm the details of the case. A later received a call from someone posing as an FSS employee, who instructed them to install an app on their smartphone to track the fraudulent transactions on their credit card. However, the app was a scam that diverted calls to the fraudsters, leading A to buy over $41,000 worth of cryptoassets and send them to a fake crypto wallet.
In another case detailed by the report, a man in his twenties, referred to as “C,” was targeted by scammers who claimed to be from a firm named D Investment. They convinced C that they could help him receive refunds from a fake crypto social media reading room and access a legitimate reading room. C ended up investing over $83,000 in crypto futures at a bogus exchange named Ebit. When he tried to withdraw the funds, he realized he had fallen victim to a scam and had transferred his money to a fraudster’s bank account.
South Korean police have confirmed an increase in cases of crypto voice phishing this year, with reports of a civil servant using information she learned from her public duties to identify possible victims. Last month, a female civil servant was arrested on charges related to crypto-related voice phishing. The scammers are becoming more sophisticated in their tactics and are targeting vulnerable victims, posing a significant threat to individuals seeking to invest in cryptocurrencies. It is crucial for individuals to remain vigilant and verify the authenticity of communications before engaging in any financial transactions related to cryptocurrencies.
