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mehamrick
Joined: 28 Aug 2006
Location: South Korea
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 Posted: Mon Jul 09, 2007 3:36 pm Post subject: Foreigners' Bank Accounts to Undergo Strict Screening |
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Well I think we all know where this is going..
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By Lee Hyo-sik
Staff Reporter
The Financial Supervisory Commission (FSC) said Monday that it is considering curtailing the sum of money foreigners' bank accounts can hold to help prevent growing financial fraud through international phone calls.
It is also contemplating putting the upper limit of money transfers by foreign account holders and restricting them from using online banking services.
Since the beginning of the year, a person or groups, mostly ethnic Chinese fluent in Korean, have posed as a legitimate businesses, which they use to phone people to obtain credit card numbers, user names, passwords and other financial information.
They use the data, obtained through the so-called ``phishing,'' to make unauthorized financial gains. Bank accounts opened by foreigners here have been used for phishing scams as the money is transferred overseas via the accounts.
``Voice phishing has rapidly increased since March and people have to be cautious of any requests for their financial or personal data over the phone,'' a FSC official said.
He said to prevent international voice phishing, the regulator is considering putting an upper limit on account balances for foreigners and disallowing foreigners to carry out cash transfers through online banking for a certain period of time.
Domestic banks have been tightening rules on account opening and credit card issuance to unqualified customers or suspicious foreigners. They have also monitored those who are addressed in mainland China, Hong Kong, Macao and Taiwan where many reported phishing phone calls originate.
The regulator is also looking into possible insurance fraud involving local tourists traveling in foreign countries. ``We are currently investigating a total of 900 individuals who have received insurance benefits on more than three occasions to check whether they faked accidents or illnesses overseas to get money from insurers,'' the official said.
[email protected]
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http://koreatimes.co.kr/www/news/nation/2007/07/123_6177.html |
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The_Conservative
Joined: 15 Mar 2007
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| Posted: Mon Jul 09, 2007 3:58 pm Post subject: Re: Foreigners' Bank Accounts to Undergo Strict Screening |
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| mehamrick wrote: |
Well I think we all know where this is going..
| Quote: |
By Lee Hyo-sik
Staff Reporter
The Financial Supervisory Commission (FSC) said Monday that it is considering curtailing the sum of money foreigners' bank accounts can hold to help prevent growing financial fraud through international phone calls.
It is also contemplating putting the upper limit of money transfers by foreign account holders and restricting them from using online banking services.
Since the beginning of the year, a person or groups, mostly ethnic Chinese fluent in Korean, have posed as a legitimate businesses, which they use to phone people to obtain credit card numbers, user names, passwords and other financial information.
They use the data, obtained through the so-called ``phishing,'' to make unauthorized financial gains. Bank accounts opened by foreigners here have been used for phishing scams as the money is transferred overseas via the accounts.
``Voice phishing has rapidly increased since March and people have to be cautious of any requests for their financial or personal data over the phone,'' a FSC official said.
He said to prevent international voice phishing, the regulator is considering putting an upper limit on account balances for foreigners and disallowing foreigners to carry out cash transfers through online banking for a certain period of time.
Domestic banks have been tightening rules on account opening and credit card issuance to unqualified customers or suspicious foreigners. They have also monitored those who are addressed in mainland China, Hong Kong, Macao and Taiwan where many reported phishing phone calls originate.
The regulator is also looking into possible insurance fraud involving local tourists traveling in foreign countries. ``We are currently investigating a total of 900 individuals who have received insurance benefits on more than three occasions to check whether they faked accidents or illnesses overseas to get money from insurers,'' the official said.
[email protected]
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http://koreatimes.co.kr/www/news/nation/2007/07/123_6177.html |
I wonder if this applies to the foreign bigwigs or the small fry like teachers.
One possible benefit of this though is it will be harder for those bank scams to happen where the recruiter puts all the money in the teacher's bank account but the teacher has no access to the account. |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Mon Jul 09, 2007 4:09 pm Post subject: |
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They already have a transfer cap and foreigners are relatively limited in what they can do online.
Might be sucky, but at least they have a legitimate reason behind the measure. |
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Yu_Bum_suk
Joined: 25 Dec 2004
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| Posted: Mon Jul 09, 2007 5:30 pm Post subject: Re: Foreigners' Bank Accounts to Undergo Strict Screening |
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| mehamrick wrote: |
Well I think we all know where this is going..
| Quote: |
By Lee Hyo-sik
Staff Reporter
The Financial Supervisory Commission (FSC) said Monday that it is considering curtailing the sum of money foreigners' bank accounts can hold to help prevent growing financial fraud through international phone calls.
It is also contemplating putting the upper limit of money transfers by foreign account holders and restricting them from using online banking services. |
http://koreatimes.co.kr/www/news/nation/2007/07/123_6177.html |
So we can't keep a lot of money in our accounts but we can't send it out of the country, either. There's klogic hard at work. |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Mon Jul 09, 2007 5:42 pm Post subject: |
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| Can you buy 99.99% gold here (chinese gold)? |
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hugo_danner
Joined: 21 Jun 2006
Location: korea
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| Posted: Mon Jul 09, 2007 10:53 pm Post subject: |
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| mrsquirrel wrote: |
| Can you buy 99.99% gold here (chinese gold)? |
Yes, but for the most part it's pretty pricey. There are a few jewelers around who will charge you by the gram (right now, it's about KW20,000/gram). Most will charge you a flat OVERPRICED amount. I've been to a couple decent jewlers in Insadong in Seoul. If you do look, take a Korean with you.
If they get out the the calculator to check the price, they're probably OK. If not, walk away or you'll get ripped off. Dont' be afraid to haggle, either. I bought 11.25 grams of gold last Saturday for about W21,000/gram. He first wanted W24,000/gram and I told him no dice. Rather than lose a sale, I got what I wanted.
I buy Travellers Checks once a month and send them home, then I buy gold (usually in the form of Krugerrands) online at apmex.com. They are one of the biggest online precious metals sales houses and have an excellent reputation, prices and service. |
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genezorm
Joined: 01 Jul 2007
Location: Mokpo
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| Posted: Mon Jul 09, 2007 11:27 pm Post subject: |
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| i think the best solution to this problem is...don't let foreigners have bank accounts....or if they can have them...a korean has to control the account |
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Newbie
Joined: 07 Feb 2003
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| Posted: Tue Jul 10, 2007 12:11 am Post subject: |
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| genezorm wrote: |
| i think the best solution to this problem is...don't let foreigners have bank accounts....or if they can have them...a korean has to control the account |
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Beej
Joined: 05 Mar 2005
Location: Eungam Loop
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| Posted: Tue Jul 10, 2007 12:20 am Post subject: |
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| Disgusting. Im sure some Ethnic korean Chinese are doing these fishing scams, but dont tell me that Korean thieves are not doing this as well. Im sure there are many times more Koreans doing phone and banking fraud in Korea then foreigners. But as usual, Koreans blame the foreigners. |
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jaganath69
Joined: 17 Jul 2003
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| Posted: Tue Jul 10, 2007 1:09 am Post subject: |
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| genezorm wrote: |
| i think the best solution to this problem is...don't let foreigners have bank accounts....or if they can have them...a korean has to control the account |
I'll agree to that the day that Korean residents in my country agree to live in segregated ghettos, only take certain types of jobs and wear red stars. |
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sojourner1
Joined: 17 Apr 2007
Location: Where meggi swim and 2 wheeled tractors go sput put chug alugg pug pug
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| Posted: Tue Jul 10, 2007 2:12 am Post subject: |
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| genezorm wrote: |
| i think the best solution to this problem is...don't let foreigners have bank accounts....or if they can have them...a korean has to control the account |
How do you expect people from abroad to come do business in your country if you don't have financial services available?
As for a Korean controlling a foreigners bank account, your inviting more fraud issues! Already, there is a problem with corrupt business people and directors trying to scam English teachers and labor workers through bank account control and laundering monies through foreigner bank accounts. These sorts of crimes and fraudulent attempts occur all over the world, not just in Korea.
Based on my experience and knowledge, Korean banks have very high security as compared to American banks, but regardless of security measures corrupt business people and launderers will almost always find loop holes. |
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JMO
Joined: 18 Jul 2006
Location: Daegu
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| Posted: Tue Jul 10, 2007 2:18 am Post subject: |
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| Hub of Asia, my ass. |
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whatever
Joined: 11 Jun 2006
Location: Korea: More fun than jail.
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| Posted: Tue Jul 10, 2007 4:19 am Post subject: |
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| genezorm wrote: |
| i think the best solution to this problem is...don't let foreigners have bank accounts....or if they can have them...a korean has to control the account |
...I think he/she was joking... |
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I-am-me
Joined: 21 Feb 2006
Location: Hermit Kingdom
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| Posted: Tue Jul 10, 2007 6:12 am Post subject: |
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Blame it on foreigners again!!! This story is getting pretty old. Do koreans take any blame for anything?  |
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tiger fancini
Joined: 21 Mar 2006
Location: Testicles for Eyes
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| Posted: Tue Jul 10, 2007 6:26 am Post subject: |
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| genezorm wrote: |
| i think the best solution to this problem is...don't let foreigners have bank accounts....or if they can have them...a korean has to control the account |
And they (the foreign scu.... er, people) should only get 3 vacation days a year, and be forced to do a community service type of activity on national holidays, when the decent citizens of the glorious ROK are enjoying a well deserved break. Contact with citizens must be discouraged at all times, apart from when providing entertainment/amusement at an appropriate time. |
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