Victims' Voice Phishing Funds Frozen in Bank Vaults, Unrecoverable

A man in his 60s, identified as Mr. A, has been unable to recover 130 million won lost to voice phishing. Although the checks transferred to the fraudsters have been suspended and are being held by the bank, Mr. A lost a lawsuit against the bank seeking the return of his funds.

The court issued a recommended settlement ordering the bank to return the victim's money, excluding a deposit for the incident report, but the bank refused. The court's decision to side with the bank was based on the nature of cashier's checks, which require the original document to be cashed, and the possibility of a legitimate third-party holder emerging.

Even with suspended checks, a public legal process is necessary to invalidate the checks for victims to receive refunds. Currently, unlike lost or stolen checks, there is a lack of legal provisions specifically for voice phishing-related confiscated checks.

A bill to amend the Law on the Prevention of Voice Phishing and Protection of Property, which would invalidate voice phishing victim checks and protect victims' property rights, is currently pending in the National Assembly's Political Affairs Committee.