Financial Supervisory Service Detects 4 PG Companies Involved in Illegal Gambling and Fraud, Notifies Investigative Agencies

[Financial News] A payment gateway company (PG company) that created virtual accounts for the purpose of distributing criminal funds to illegal gambling site operating organizations has been detected by the financial authorities.
The Financial Supervisory Service announced on the 22nd that it had notified investigative agencies of 4 PG companies that were found to have provided virtual accounts for criminal activities to increase sales or directly participated in crimes such as fraud and embezzlement.
Previously, the Financial Supervisory Service has been operating a real-time monitoring system since the first half of this year to detect illegal business activities of PG companies by collecting and analyzing transaction details of virtual accounts provided by PG companies to merchants every month. 
Through this, they detected PG companies that disguised voice phishing and illegal gambling site operating organizations as general shopping malls, registered them as merchants, and provided virtual accounts for criminal purposes.
It was confirmed that this PG company transferred voice phishing proceeds and gambling funds deposited in virtual accounts to the accounts of criminal organizations and collected large fees in return.
Another PG company was found to have provided virtual accounts for investment fraud crimes using high-yield products as bait. It was confirmed that they induced investors to deposit investment funds into virtual accounts to avoid suspicion of ghost accounts and then embezzled them.
In addition, the CEO of a PG company who manipulated card approval information to create false sales and obtained loans using them as collateral, and PG company employees who misappropriated settlement funds that should have been paid to merchants were also detected. 
The Financial Supervisory Service announced that it would respond to eradicate unhealthy business practices of PG companies through strict sanctions, enhancement of the real-time monitoring system, and strengthening cooperation with investigative agencies. 

sjmary@fnnews.com Seo Hyejin Reporter