Measures aim to minimize inconvenience for voice phishing victims

Banks, savings banks and mutual finance firms to adopt system first

NongHyup and post offices plan to launch service in second half of year

This image is unrelated to the article. [Getty Images Bank]
This image is unrelated to the article. [Getty Images Bank]

Voice phishing victims will soon be able to submit documents through a mobile app without visiting a bank branch in person. When funds are transferred from a bank app to a savings bank, the name of the specific savings bank will also be clearly displayed, enabling faster payment suspension requests.

The Financial Supervisory Service announced Wednesday that it has overhauled financial industry procedures to minimize inconvenience for voice phishing victims and speed up their response options.

Under the new system, victims and account holders can fill out application forms and attach supporting documents directly through their financial institution's app, without visiting a branch. The financial sector already operates a voice phishing damage relief and payment suspension objection system, but applicants previously had to visit a branch in person to submit the required forms and documents.

To reduce the hassle of installing new apps and minimize input errors for details such as account numbers and transaction histories, the remote document submission feature will only be available through the app of the financial institution that holds the affected or suspended account. Relief documents can be submitted after requesting a payment suspension by phone or in person. Submitting documents at a branch remains an option.

The FSS has also added a dedicated "voice phishing remote document submission" page to its website to help victims and applicants easily locate the submission screen for relief or objection filings.

Key steps in the voice phishing remote document submission process [Financial Supervisory Service]
Key steps in the voice phishing remote document submission process [Financial Supervisory Service]

The FSS also improved how savings bank names are displayed when funds are transferred from a bank via internet or mobile banking, so users can now identify the specific savings bank that received the transfer. Previously, transaction records in bank apps showed only the generic label "savings bank" rather than the individual institution's name, making it difficult to determine where the funds had gone.

Going forward, users will be able to see the savings bank's name on the transfer confirmation, transfer result notification and transaction history screens, allowing them to request a payment suspension more quickly.

Overview of the improved savings bank name display format for fund transfers [Financial Supervisory Service]
Overview of the improved savings bank name display format for fund transfers [Financial Supervisory Service]

Remote document submission for voice phishing cases takes effect Tuesday at banks, savings banks and mutual finance institutions — including Suhyup, credit unions, saemaul credit cooperatives and forestry cooperatives. NongHyup and post offices plan to launch the service in the second half of the year after completing system development. The improved savings bank name display is set to take effect this month.

The FSS has also been actively publicizing ways to prevent and respond to voice phishing, including revising and publishing a "fraud prevention encyclopedia" and releasing audio book and e-book versions to help the public keep pace with evolving scam tactics.

"We will continue to identify and address inconveniences faced by financial consumers related to voice phishing," the FSS said.


ehkim@heraldcorp.com