If you were a victim of voice phishing,
prepare the refund application and a lawsuit side by side

First, use the refund system provided by law

The law governing voice phishing is the Special Act on the Prevention of Telecommunications-Based Financial Fraud and Refund of Fraudulently Obtained Assets. Deceiving or threatening someone through telecommunications such as phone calls or text messages to make them send money is "telecommunications financial fraud," and schemes disguised as offering, arranging or brokering a loan fall into the same category.

The process up to the refund is as follows. When the victim requests damage relief from the bank, the account used for the fraud is suspended. The Financial Supervisory Service publishes a notice that the claim-extinguishment procedure has begun, and once 2 months have passed after the date of that notice, the account holder's deposit claim is extinguished and the money comes back as a damage refund (Articles 5 and 9).

If it is urgent, you may apply by phone first. In that case, you must submit a damage relief application and a copy of your ID at the bank counter within 3 business days from the date of application. Even if you miss this, the bank will ask again with a 14-day period, but if that also passes, the phone application loses its effect (Article 3 of the Enforcement Decree).

Why the refund often does not cover the loss

The refund is capped at the amount remaining in the account at the time of suspension. Because the organization immediately moves incoming money to other accounts or withdraws it from ATMs, the remaining amount often falls far short of the loss. If there are two or more victims on the same account, the balance is distributed in proportion to each victim's loss.

For the shortfall, there is the option of suing the account holder for damages. A mule account holder who handed over access media such as a bankbook or card can be found to have assisted the fraud and bear joint tort liability.

What if you handed over cash?

In in-person schemes where you met a cash collector and handed over cash, there is no account transfer, so payment suspension cannot stop it. The basic route is to wait for the collector to be caught and respond with a criminal complaint, a compensation order, and a damages claim against the collector.

Once you realize you were scammed, follow this order

1. Report immediately to 112 or the bankPayment suspension can be requested by telling either the sending bank or the receiving bank.
2. Documents within 3 business daysIf you applied by phone, submit two documents to the bank: the application and a copy of your ID. Banks often also ask for a certificate of incident report issued by the police.
3. Remove remote-control apps and protect your identityDelete any installed remote-control app, and prevent secondary damage by registering with the Financial Supervisory Service's "accident prevention system for persons whose personal information has been exposed" and signing up for an identity-theft prevention service.
4. Decide on a lawsuit after checking the refund resultIf the refund you receive is less than your loss, prepare a damages claim against the account holder.

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Written on the basis of Korean statutes in force (National Law Information Center, Ministry of Government Legislation) and court precedents as of October 20, 2026. Results may differ with amendments to the law or the facts of each case. This page is general information, not legal advice.

Written and reviewed by Attorney Dongwoo Shin — Ph.D. in Law; certified criminal law specialist and certified divorce law specialist registered with the Korean Bar Association. He handles each case personally from consultation to judgment. About the attorney →
Last updated October 20, 2026