Voice phishing damage in S. Korea increases for first time in 4 years

[Graphics by Song Ji-yoon and Minu Kim]

Voice phishing damage in South Korea increased for the first time in four years last year, with the amount of money taken from victims rising despite a decrease in the number of victims.

According to data released by the Financial Supervisory Service (FSS) on Thursday, the amount of money lost to voice phishing last year was 196.5 billion won ($148.3 million), up 35.4 percent from the previous year.

The amount of money lost to voice phishing has decreased since peaking at 672 billion won in 2019, falling to 235.3 billion won in 2020, 168.2 billion won in 2021, and 145.1 billion won in 2022 before rising again last year.

The number of voice phishing victims last year was 11,503, down 1,313 victims or 10.2 percent from the previous year. However, the amount of money lost per victim increased from 11.3 million won in 2022 to 17.1 million won last year.

The number of high-value victims, those who suffered damages of 10 million won or more, increased by 29.3 percent from the previous year to 1,053. The number of ultra-high-value victims, those who suffered damages of 100 million won or more, also surged by 69.9 percent from the previous year to 95.