Financial fraud damage drops sharply in H1

The average amount of damage from financial fraud cases in South Korea dropped sharply in the first half of 2015 from a year earlier, the financial watchdog said Monday, amid stepped-up efforts to root out such scams.

The amount averaged 26.1 billion won ($22.1 million) per month during the January-June period, down 22.5 percent from a monthly 33.7 billion won a year ago, according to the Financial Supervisory Service.

In July and August, the figure fell to 19 billion won, the watchdog added.

The FSS attributed the decline to its campaign to battle all kinds of financial crimes, including voice phishing, as part of its efforts to beef up consumer protection and restore public trust in the financial industry.

Under the plan, the financial authorities have suspended transactions of unused and borrowed-name bank accounts, or bogus accounts that are widely used for financial frauds.

The FSS also strengthened the latency system in money transactions, under which there is a 30-minute grace period for transfers over 1 million won.

It is now considering limiting money withdrawals from ATMs by those who are wearing masks or sunglasses. (Yonhap)