Seoul: The country's financial regulator announced plans to collaborate with related agencies to intensify efforts against emerging online phishing crimes and mule bank accounts. The Financial Services Commission (FSC) has initiated measures to enhance the detection and prevention of these online threats.
According to Yonhap News Agency, the FSC is working with financial institutions to establish systems by the end of September aimed at effectively identifying online crimes and facilitating the exchange of pertinent information. A joint task force comprising the Financial Supervisory Service and financial companies will be launched in April to support these efforts.
The regulator is also planning to amend existing laws to enable a swift response to such crimes, targeting the freezing of accounts suspected of fraudulent activities and the recovery of financial losses. President Lee Jae Myung has emphasized the need for stronger measures against internet phishing scams, particularly in light of recent crimes affecting Koreans in Southeast Asia.
Incidents involving the abduction and confinement of many South Koreans in Cambodia have been linked to online scam operations, underscoring the urgency of the FSC's initiatives.