Simple & Easy Law Info

Simple & Easy Law Info

Electronic Financial Crimes

Electronic Financial Crimes 4. Payment for Damages www.easylaw.go.kr



I transmitted KRW 5 million to a Smishing offender’s account. Is there any way I can get my money back?



Victims of electronic financial crimes, such as messenger phishing, may receive compensation for damages by applying for a remedy for damage.



• Applying for remedy for damage Victims who suffered property damage from e-financial crimes may file for a remedy for damage, such as a suspending the account used for fraud, against a financial company that manages the account the victim sent or transmitted money to or a financial company that manages the account used for fraud. A victim intending to apply for remedy for damage shall submit their application to the relevant financial company with a copy of his/her ID card.



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• Debt Extinguishment and Payment for Damages If a financial company suspends an account, it must immediately request the Financial Supervisory Service to initiate a debt extinguishment procedure for the fraudulent account holder. The fraudulent account holder’s debt will be extinguished after 2 months have elapsed from the date of the debt extinguishment procedure’s first public announcement. The Financial Supervisory Service shall decide on the person and the amount for damages the person will receive and notify the applicant of the remedy for damage and the financial institution within 14 days from the extinguishment of the debt, and the financial company shall pay the amount for damages to the victim immediately.



For detailed legal information, please refer to “Electronic Financial Crimes” on www.easylaw.go.kr.



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