A deceptive technique that includes forming group names similar to personal names in three-character poems is becoming widespread, and it’s being used for lease fraud and other illegal activities. It is reported that victims transfer funds, believing the account holder to be a friend just because of the account name.
On the 28th, the Financial Supervisory Service released a consumer warning, saying, “Accounts with group names that look like individual names might be exploited for fraud or voice phishing.” As per the FSS, there was a recent incident where a real estate agent set up a fake group using the name of a landlord who had rented out a property, leading to the theft of 800 million South Korean won in deposit funds. Tenants, thinking the account belonged to the landlord, transferred the deposit without any hesitation.
According to existing regulations, accounts can only be established under an individual’s or a registered group’s actual name. Fraudsters take advantage of this by creating groups with names that resemble personal names. For example, an account labeled “Hong Gil-dong” may not be associated with an individual named Hong Gil-dong, but rather with a group such as the “Hong-eun-dong Residents’ Association for Expanding the Road.” If a victim knows someone named Hong Gil-dong, they are more likely to be deceived.
The FSS directed financial institutions to keep an eye on accounts established by organizations whose names could be confused with personal names, in order to stop them from being used for fraudulent activities. It also introduced an official explanation that mandates adding “(group)” beside group names when setting up accounts. An FSS representative mentioned, “If the account name has ‘(group)’ even though the transaction partner is an individual, it’s important to be careful before sending money.”
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