Jun Ji-hye, a reporter at the finance desk of The Korea Times, focuses primarily on economic policy and government agencies, mainly covering the Ministry of Finance and Economy, the Ministry of Budget and Planning, the National Tax Service and the Korea Customs Service. She previously covered financial authorities, including the Financial Services Commission and the Financial Supervisory Service, and earlier worked on the political, city and business desks, reporting on a wide range of issues.
Virtual asset-related fraud targeting older adults on rise
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By Jun Ji-hye
Special police officers at the Seoul Metropolitan Government warned of an increase in virtual asset-related fraud Monday, highlighting that crimes targeting older adults and homemakers have surged. These groups are particularly vulnerable due to their limited knowledge of virtual assets.
One reported case showed that operators of illegal multilevel marketing, also known as direct marketing or network marketing, held business presentations targeting older adults in Teheran Street, Gangnam District, Seoul.
These operators lured people by promising to offer virtual assets such as coins and then persuading them to sign up and invest. After securing their money, the swindlers absconded with the funds.
According to the National Police Agency, the number of cyber fraud victims aged 60 or older has increased approximately fourfold over the past five years, from 2,796 in 2019 to 11,435 last year.
The city government advised people to check whether multilevel marketing companies are properly registered with relevant organizations such as the Fair Trade Commission to prevent virtual asset-related fraud.
It also stressed that special caution is necessary as an increasing number of multilevel marketing companies operate under the guise of platform businesses related to advertising marketing and internet shopping mall sales, among others.
“We will take strict measures to minimize damage to people in their 50s to 70s from crimes disguised as virtual asset investments,” Kwon Sun-ki, who heads the city’s government’s police unit, said.