"3.34 trillion won ripped off through second-hand transactions"...The spread of 'double fear' with high-value direct transaction fraud and new methods

[Financial News] Recently, in the online second-hand market, direct transaction fraud targeting limited edition products, electronic devices, concert tickets, and others has surged. The damage amount has reached a 6-year high. In addition to the trend of 'high-value' frauds causing damages of hundreds of thousands of won per case, new methods such as impersonating real estate agents and door handle transactions have emerged, making it increasingly difficult for victims to respond. Experts point out the urgency of enacting special laws, cooperation between investigative agencies and platforms, and preparing proactive preventive measures.
On the 25th, according to the 'Recent 6 Years (2019-2024) Direct Transaction Fraud Occurrence and Damage Amount Status' received by Financial News from the National Police Agency, the number of direct transaction fraud cases last year was 100,539, with a damage amount of 334 billion won.
Compared to the previous year's 78,320 cases and a damage amount of 137.3 billion won, the number of cases increased by 28%, and the damage amount surged by 143%. Compared to 5 years ago in 2019, the number of cases and damage amount soared by 12% and 301%, respectively. The average damage amount per case last year was about 3.32 million won, which is about 3.6 times more than in 2019 (about 930,000 won).
On the other hand, the number of arrests decreased from 18,934 in 2019 to 15,114 last year, showing a clear downward trend. Except for 2022 (40,847), the number of arrests has remained stagnant over the past 6 years. When compared to the number of cases, the number of arrests decreased from 211 per 1,000 cases in 2019 to 150 last year.
The phenomenon of the damage amount surging while the number of arrests decreases may be a signal that second-hand transaction fraud is becoming organized and specialized. In fact, the Jeju Police Agency's Cybercrime Investigation Unit arrested suspects who posted false listings on Danggeun Market to defraud victims earlier this year. As a result of merging the same cases nationwide, there were 2,705 victims, and the damage amount was confirmed to be 2 billion won.
In particular, while the number of arrests is decreasing, various new methods are being detected nationwide, which is interpreted as a danger signal.
In Seoul, there was a case where someone impersonated a real estate agent to steal homeowner information, then posted real estate listings at prices lower than market value on second-hand transaction platforms, and even presented documents in the homeowner's name to secure a down payment.
In Incheon, the so-called 'door handle transaction' method was confirmed. The scammer reassured the victim by saying, 'I will hang the item on the door handle once the money is deposited,' and then disappeared immediately after the deposit. Fraudsters active on second-hand transaction sites approach both buyers and sellers simultaneously, pretending to be the seller and buyer, respectively, to complete the transaction, then intercept only the money or goods in a 'three-party fraud' method.
However, second-hand transaction fraud is lower in police investigation priority than serious crimes such as murder and violence, and investigations can only proceed in earnest if the damage report exceeds a certain scale, making arrests difficult. Unlike voice phishing, it is not classified as telecommunication fraud, making it difficult to take timely payment suspension measures, which is also considered a blind spot in second-hand transaction fraud. The cost of civil lawsuits for compensation is also a burden for victims. Experts emphasize the need for the introduction of a 'special law on second-hand transaction fraud' that integrates victim support, recovery of fraudulent funds, and blocking of fraud signals.
Professor Yeom Geon-ung of the Department of Police and Fire Administration at U1 University said, "It is necessary to prepare practical measures to regulate ghost accounts and phones, and for the police to establish an AI-based fraud signal detection system and link it with second-hand transaction sites as a proactive response measure," adding, "Activating the class action system to have an effect similar to punitive damages can impose economic responsibility on criminals, thereby having a deterrent effect on fraud."
There is also a suggestion that practical preventive measures that users themselves can take to prevent damage are needed. Hwang Hyun-il, a lawyer at Sejong Law Firm, pointed out, "Currently, second-hand transaction platforms are introducing escrow services to ensure that payment is made only after the item is verified, and users actively utilizing these safety devices is the fundamental preventive measure."
yesji@fnnews.com Kim Yeji Reporter