A social media account impersonating Rhee Chang-yong, governor of the Bank of Korea, recently appeared on Korean platforms and used market commentary to attract followers, according to BlockBeats. The account reportedly promoted itself with language such as helping users understand economic trends and market direction. While it did not openly recommend specific stocks in public posts, it allegedly told users who added the account or sent direct messages that a study group was available, then directed them into a chat room. Inside that group, operators claimed they could provide stock picks with double-digit returns and asked for personal information.
The Bank of Korea requested that the platform remove the account, and it was taken down within hours of appearing. Even so, a stock-promotion scam group that multiple people had already joined continued operating on Telegram. When asked about its relationship with the central bank, the operator avoided a direct answer and said that financial institutions have many internal matters outsiders cannot easily understand.
The report said impersonating public figures to funnel users into illegal stock-picking groups has become a standard investment scam tactic in South Korea. Data cited from the Financial Supervisory Service showed 6,769 investment scam phishing victim cases in the first quarter of this year, with losses totaling KRW 181.7 billion. For all of last year, the number stood at 11,468 cases and KRW 391.6 billion in losses.
Social media platforms in South Korea have lately been hit by a run of accounts pretending to be Bank of Korea governor Rhee Chang-yong, according to a Sept. 26 report cited by BlockBeats.
The account used the line "Helping you understand economic trends and get a handle on market direction" to catch people's eyes. It did not openly push specific stocks. But once users added the account as a contact or sent a direct message, the operator said there was a study group and steered them into a chat room.
Inside that room, the group said it could provide stock picks delivering double-digit returns and then asked users for personal information.
After the Bank of Korea requested that the platform take down the impersonation account, it was suspended within hours of showing up. But the stock-promotion group that several people had already joined kept running on Telegram.
When a reporter asked what connection the group had to the Bank of Korea, the operator did not answer directly. Instead, the person said, "Financial institutions naturally have many internal matters that outsiders cannot easily understand."
The report said this kind of scam has become a familiar pattern: use a public figure's identity, pull users into illegal stock-picking groups, then work from there. And it was not just Rhee. Well-known people in South Korea's financial industry, entertainers, and finance influencers have all been impersonated again and again. Official accounts linked to major investment communities and YouTube channels have been copied too. Even photos uploaded by ordinary users on social platforms have been stolen for these schemes.
Data that People Power Party lawmaker Seo Il-jun obtained from the Financial Supervisory Service showed 6,769 investment scam phishing cases in the first quarter of this year, with losses totaling KRW 181.7 billion. Across all of last year, there were 11,468 victim cases and KRW 391.6 billion in losses.
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