New Voice Phishing Scam Targets Low-Credit Borrowers in South Korea

• •Scammers target low-credit individuals with false loan promises tied to gift card purchases.
• •Victims risk criminal charges for handing over bank details, as per the FSS warning.
• •The FSS is implementing measures to limit gift card purchases to combat money laundering.

A new voice phishing scam has emerged in South Korea, where fraudsters target individuals with low credit scores by promising loans in exchange for purchasing gift certificates. The Financial Supervisory Service (FSS) issued a consumer alert on August 9, 2026, highlighting that scammers take over victims' bank accounts and use them to launder money from other phishing schemes. Victims are misled into believing that buying gift cards will improve their chances of securing loans, leading them to hand over their bankbooks and debit cards. Once funds are deposited into these accounts, the scammers convert the gift certificates into cash, which is then exchanged for cryptocurrency and sent to overseas ringleaders. The FSS warns that victims may face criminal charges under the Electronic Financial Transactions Act for their involvement. To combat this, the FSS plans to lower the purchase limits for gift certificates at kiosks and enhance information sharing through an AI platform. The rise in such scams reflects a growing trend in voice phishing tactics in the region.