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Crypto Phishing Attacks ‘Rampant’ – FSS Prepares Response
Crypto-related phishing attacks have become widespread in South Korea, with the Financial Supervisory Service (FSS) taking action. The FSS is collaborating with major crypto exchanges in the country to create awareness materials to educate the public about common crypto scams.
FSS Initiatives to Combat Crypto Scams
- The FSS announced plans to publish a “casebook” containing case studies and tips to help citizens recognize and avoid crypto-related fraud.
- Analysis of 2,209 reports of crypto-related phishing attacks from January to April revealed that chat app-based crypto “reading rooms” were a significant source of such scams.
- Police have shut down multiple rings operating scams through these channels.
Common Themes in Recent Phishing Attacks
- Prompting victims to send coins to bogus crypto exchanges
- Romance scams encouraging victims to invest in crypto projects together
- Fake token lock-ups
- NFT-related fraud
- Impersonation of crypto exchange employees
- Impersonation of vendors of genuine cryptoassets like Bitcoin
- Scams originating from chat app-based crypto “reading rooms”
Case Studies Highlighting the Impact of Scams
The FSS shared stories of victims falling prey to scams, such as one individual who was deceived into investing in a bogus crypto exchange after a fake romantic relationship with a scammer posing as a pilot.
Protecting Vulnerable Groups
The FSS plans to distribute the casebook to financially vulnerable individuals, particularly the elderly, at senior welfare centers. They emphasize the importance of reporting any suspected investment fraud immediately.
Collaboration with DAXA for Awareness
The FSS is working with the Digital Asset Exchange Association (DAXA) and leading exchanges like Upbit, Bithumb, Coinone, Korbit, and Gopax to spread awareness through educational materials on phishing protection.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
