Same bailout procedure as financial companies
Easy remittance damages are quickly refunded
It is also possible to provide damage relief for voice phishing using virtual assets (cryptocurrency).
On the 28th, the Financial Services Commission announced that it would revise the law in April so that cryptocurrency accounts can be immediately suspended like bank accounts when reporting damage to voice phishing in the ‘Second Financial Sector Voice Phishing Countermeasures’. Currently, if the damage remains in a bank account affiliated with a cryptocurrency exchange, the financial company can suspend payment of the culprit’s account and proceed with victim relief procedures. The account cannot be suspended.
The Financial Services Commission decided to apply the same damage relief procedure to cryptocurrency exchanges as financial companies. After suspending payments to cryptocurrency accounts, the Financial Supervisory Service plans to allow victims to get their money back.
The Financial Services Commission is also promoting a revision of the law to collectively apply a deliberation period so that the transfer is restricted for a certain period when sending cryptocurrency from domestic exchanges to overseas exchanges or personal electronic wallets. By introducing a consideration period (72 hours for the first deposit in KRW, 24 hours for additional deposits in KRW), damages can be preserved for a certain period of time.
Countermeasures related to the expansion of voice phishing using simple remittances such as ‘Kakao Talk remittance’ are also prepared. When reporting voice phishing, prepaid service providers who provide simple remittance services have decided to impose an obligation to provide financial transaction information to financial companies. Currently, it takes 2 to 3 days for the victim to receive a ‘remittance confirmation’ from the prepaid company and verify the criminal’s account. The Financial Services Commission plans to begin revising the Voice Phishing Act through legislation by lawmakers in April.
Reporter Song Soo-yeon
