Korea's FSS overhauls refund system to cover crypto voice-phishing losses

South Korea’s Financial Supervisory Service (FSS) has begun rebuilding the software it uses to return money stolen through voice phishing. 

The change will make it so that from October, the software will be able to calculate and repay losses held as cryptocurrency rather than only in won. 

What is changing about how victims of voice phishing get paid?

South Korea’s Financial Supervisory Service’s (FSS) calculation engine, which returns stolen money to victims of voice phishing scams, assumes a victim’s stolen funds sat in Korean won, which left it unable to fully compensate people whose money had been swapped into digital assets or taken as crypto outright. 

The software’s new system will apply a refund ratio that works out the specific token type and quantity owed to each victim, alongside the won value at the moment a payment was frozen. 

The system is also being redesigned to untangle cases where scam proceeds are split across several accounts and later pooled back together, and to pre-calculate claims in batches instead of computing each one on demand. Victims will see the token name, the number of units, and the frozen-time won value in the electronic notices they receive.

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