Time to strengthen cooperation with other countries
The Supreme Prosecutors' Office (SPO) announced last week that it will launch a joint investigation team to eradicate voice phishing scams that caused losses of more than 700 billion won ($543 million) last year alone. The SPO said it will form the team with such relevant agencies as the National Police Agency, the Financial Services Commission and the National Tax Service.
The launch of the joint investigation team deserves praise, albeit belated, considering that a growing number of people have fallen victim to voice phishing, which refers to an electronic fraud tactic in which individuals are deceived over the phone into revealing critical financial or personal information to scammers. The team will be installed at the Seoul Eastern District Prosecutors' Office, and will be operated for one year.
Since the first voice phishing case was reported in 2006, losses have snowballed as the methods of such crimes have become more intricate and sophisticated. The amount of losses from phishing scams more than tripled from 247 billion won in 2017 to 774.4 billion won last year. Voice phishing cases have soared in recent years, but the number of people arrested for involvement in the scams declined as law enforcement capabilities failed to catch up.
As the coronavirus pandemic has accelerated the growth of non-face-to-face interactions, voice phishing crimes have become more widespread. Senior citizens and housewives used to be the main targets in the past, but more young people have become victims recently. Some phishing victims have even opted to take their own lives.
Given the magnitude of losses from the phishing crimes, it's long overdue for law enforcement agencies to crack down on the scammers. For successful investigations, it's imperative to strengthen cooperation with China and other countries where overseas voice phishing organizations are believed to be based. The joint investigation team should relentlessly go after those involved in such scams from the bottom feeders all the way up to the criminal kingpins. The proceeds of such crimes must also be retrieved without fail.
The Supreme Prosecutors' Office (SPO) announced last week that it will launch a joint investigation team to eradicate voice phishing scams that caused losses of more than 700 billion won ($543 million) last year alone. The SPO said it will form the team with such relevant agencies as the National Police Agency, the Financial Services Commission and the National Tax Service.
The launch of the joint investigation team deserves praise, albeit belated, considering that a growing number of people have fallen victim to voice phishing, which refers to an electronic fraud tactic in which individuals are deceived over the phone into revealing critical financial or personal information to scammers. The team will be installed at the Seoul Eastern District Prosecutors' Office, and will be operated for one year.
Since the first voice phishing case was reported in 2006, losses have snowballed as the methods of such crimes have become more intricate and sophisticated. The amount of losses from phishing scams more than tripled from 247 billion won in 2017 to 774.4 billion won last year. Voice phishing cases have soared in recent years, but the number of people arrested for involvement in the scams declined as law enforcement capabilities failed to catch up.
As the coronavirus pandemic has accelerated the growth of non-face-to-face interactions, voice phishing crimes have become more widespread. Senior citizens and housewives used to be the main targets in the past, but more young people have become victims recently. Some phishing victims have even opted to take their own lives.
Given the magnitude of losses from the phishing crimes, it's long overdue for law enforcement agencies to crack down on the scammers. For successful investigations, it's imperative to strengthen cooperation with China and other countries where overseas voice phishing organizations are believed to be based. The joint investigation team should relentlessly go after those involved in such scams from the bottom feeders all the way up to the criminal kingpins. The proceeds of such crimes must also be retrieved without fail.
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