Voice Phishing and No-Show Scams Surge Ahead of Korean Thanksgiving; Banks and Police Launch Prevention Campaign

Jeju Bank, the Financial Supervisory Service, and police conducted a joint awareness campaign targeting merchants and small business owners in Jeju's traditional markets to combat voice phishing and no-show scams that surge during Korea's Thanksgiving holiday season. The campaign addresses fraud schemes exploiting increased bulk orders and group reservations.

Understanding Voice Phishing and No-Show Scams

As South Korea's Thanksgiving holiday season (Chuseok) approaches, financial institutions and police in Jeju have launched a joint campaign to combat surging fraud schemes. Jeju Bank, the Financial Supervisory Service's Jeju branch, and the Jeju Police Agency partnered to raise awareness among merchants and small business owners in traditional markets.

How These Scams Operate

The campaign targets two primary fraud schemes:

Voice Phishing

Scammers impersonate financial institutions or companies
They request money transfers under the guise of investment opportunities or loan approvals
Often involve unsolicited calls claiming urgent financial matters

No-Show Scams

Fraudsters pose as legitimate organizations or government agencies
They exploit the holiday season when bulk orders and group reservations surge
They request upfront payments for products or services they never intend to deliver

Small merchants and business owners become vulnerable during holidays when transaction volumes increase significantly.

Warning Signs and Prevention Tips

Verify the Caller's Identity

Never rely on contact information the caller provides
Independently confirm caller details through official channels
Call back using publicly listed company phone numbers

Red Flags to Watch For

Unsolicited investment or stock-trading tips from unknown firms
Requests for immediate transfers to "process loans" or "activate accounts"
Pressure to act quickly without verification time
Requests for large upfront payments for unconfirmed orders

Best Practices Before Any Transaction

Double-check all transaction details, especially with unfamiliar customers
Request written confirmation of bulk orders through official channels
Confirm customer identity and legitimacy before accepting payment
Be especially cautious during holiday periods when scams peak

Local Response and Support

Jeju's police and financial institutions established a "Voice Phishing Joint Response System" in 2024, which has achieved a 55.6% reduction in voice phishing incidents compared to the previous year.

If You Suspect Fraud:

Stop any ongoing transactions immediately
Contact the Jeju Police Agency directly
Report to your bank and provide all relevant details
Preserve all communications related to the suspicious contact