National Police Agency "Request for enhanced monitoring in case of high cash withdrawals"

In connection with the YTN investigative report program [fact-tracking] that crimes against the elderly, such as telephone financial fraud and so-called voice phishing, are rampant, authorities have begun to improve the system.

In a written response to a question from the Minjoo Party's lawmaker Yoon Gun-young regarding the [fact-tracking] report, the National Police Agency said it has asked financial institutions such as the Financial Supervisory Service and banks to strengthen monitoring when elderly people seek high cash or collect checks.

In response to a question from the Democratic Party's Kang Joon-hyun's office, the Financial Services Commission explained that it is discussing how to apply the "safe blocking service" introduced to prevent damage from loans executed without realizing it, to open non-face-to-face accounts and open banking in addition to credit transactions.

In addition, it added that under the revised Communications Fraud Damage Refund Act, financial companies have been obliged to conduct constant self-inspection to detect suspected damage transactions since August.

Representative Kang Joon-hyun pointed out that the role of the authorities to properly manage and supervise whether their own inspections are being faithfully implemented is important.

Rep. Yoon Gun-young urged the government to come up with supplementary measures, saying, "The revision of the related law has opened the way for victims of "face-to-face defrauded voice phishing" who met fraudsters and handed over cash directly, but it is useless if investigative agencies do not quickly find out whether they are fraudulent or not."