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Voice phishing scams are becoming more sophisticated every year. What used to be simple phone calls have now evolved into AI-generated voices, fake apps, and phishing texts. Even those who thought, “It’ll never happen to me,” are getting caught off guard.

Some victims don’t even get a call — their bank accounts get frozen after receiving money from strangers. This secondary damage, known as “account freezing”, is now one of the fastest-growing fraud types in Korea.

In this guide, you’ll learn the step-by-step actions to take within 24 hours after a fraud attempt, how to apply for a refund through the Financial Supervisory Service, and practical habits to protect yourself and your family. By the end, you’ll know exactly what to do — calmly and confidently.

Despite public awareness, voice phishing continues to thrive. It’s not just about gullibility — it’s a combination of psychological manipulation, rapid technology advancement, and slow institutional response.

1. Fear and Urgency Tactics
Scammers trigger panic: “Your account is under investigation,” “Your loan was just approved.” Victims, afraid of consequences, act before verifying — 72% of cases happen this way.

2. AI Voice Phishing
Fraudsters now clone voices using AI. They can imitate family members or alter their voice in real time during a call. It’s so convincing that people transfer money without a hint of doubt.

3. System Delay
While account freezes can be instant, investigations and refunds take days. By then, funds are often moved overseas or converted into crypto.

4. False Sense of Security
Over 40% of phishing now mimics legitimate bank calls or apps. Being cautious isn’t enough — being suspicious must become a habit.

Most voice phishing scams begin with small, suspicious signs. Recognizing them early can stop 90% of frauds before they happen. Here are five red flags to watch out for:

1. Impersonation of Family or Friends — Messages like “I changed my number” or “I need urgent help” are classic traps.
2. Loan or Tax Refund Texts — Official institutions never send links via SMS. Do not click any link.
3. Suspicious Caller IDs (050, 070, +82) — These numbers often come from overseas or VOIP systems. Hang up immediately.
4. App Installation or Remote Control Requests — Installing their app gives full access to your phone. Never comply.
5. Awkward Tone or Grammar — AI voice scams and translations often sound unnatural. If something feels off, stop and verify.

A moment of doubt can save your entire savings. Always confirm through official channels before taking any action.

The first 24 hours after discovering voice phishing are critical. Every hour matters — follow these five steps immediately:

1. Freeze the Account: Visit or call your bank and request “payment suspension due to fraud.” Provide the exact transfer time and account number.
2. Report to Police (112) and FSS (1332): Police handle investigation; the FSS manages refunds. Keep your case number for later use.
3. Apply for Refund: Submit your case at the FSS Scam Refund Center.
4. Save All Evidence: Screenshots of texts, calls, and transfers are crucial for investigations.
5. Stop Linked Accounts or Cards: Cancel all auto-payments or linked cards to prevent secondary losses.

⚠️ Note: The refund application must be filed within 3 days, or the scammer’s account freeze may be lifted automatically.

Once you file a report, the refund process under the Telecommunications Financial Fraud Refund Act begins automatically. Here’s how it works:

1. Step 1 — Account Freeze: The bank suspends all transactions within minutes of your report.
2. Step 2 — Verification (1–3 days): Authorities check your documents and confirm legitimacy.
3. Step 3 — Refund Review (up to 2 months): The FSS Refund Center analyzes transaction flows and determines eligible amounts.
4. Step 4 — Refund Payment (within 7 days): Once approved, the bank transfers the refunded money to your account.
5. Step 5 — Exceptions: Delayed reports, incomplete documents, or suspicious transactions may disqualify refunds.

⏳ Average timeline: Freeze → Verification (3 days) → Review (30–60 days) → Refund (7 days) ≈ Total about 45 days.

Filing promptly and keeping all evidence organized gives you the best chance to recover your funds.

Preventing voice phishing is much easier than recovering losses. These daily habits can protect you and your family:

1. Check via official portals: Visit the Integrated Reporting & Response Centre for Telecom Financial Fraud.
2. Utilise real-time scam info: The FSEC’s Scam Info Share System provides up-to-date phishing site and malicious app data.
3. Enable carrier spam filters: Use the spam blockers offered by KT, SKT, LG U+ to reduce suspicious calls & texts.
4. Monitor family accounts together: Enable SMS alerts and review transactions regularly for seniors & teens.
5. Secure certifications & passwords: Don’t store authentication certificates across devices, change passwords regularly, and never install unknown apps.

Remember — legitimate institutions will never ask you to install an app, click a suspicious link, or transfer money urgently. When in doubt, hang up and verify.

Voice phishing is not just about technology — it’s about awareness. A few minutes of panic can destroy your credit, but a few minutes of calm and quick action can save everything.

By recognizing suspicious signs early and taking action within 24 hours, most financial fraud losses can be recovered or prevented. Remember: awareness is your best protection.

No system is perfect, but one cautious decision can stop an entire scam. Please share this information with others — your awareness could protect someone’s future.

💛 MoneyLog will continue to bring you reliable and practical guides for a safer financial life. Stay alert, stay informed, and stay protected.