Regulator to ramp up efforts to crack down on online phishing, mule accounts

The country's financial regulator said Thursday that it will team up with related agencies to better crack down on new types of online phishing crimes and mule bank accounts. The Financial Services Commission (FSC) said financial institutions will set up systems by the end of September to effectively detect such online crimes and share related information. To that goal, the FSC will launch a joint task force with the Financial Supervisory Service and financial companies in April. Also, the regulator will move to revise related laws to quickly respond to such crimes in order to freeze accounts suspected of being used for fraudulent purposes and retrieve financial damages. President Lee Jae Myung has been calling for stronger measures against internet phishing scams following crimes targeting Koreans in Southeast Asia. Many Koreans have been abducted and confined in Cambodia in connection with online scam operations.

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