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South Korea has yet to shake off the disgraceful label of a “republic of fraud.”

(Omitted)

Those in the legal community also say that the responsibility and punishment of “cash couriers” in financial fraud organizations will become increasingly severe going forward.

Attorney Chon Hyeong Hwan of YK Law Firm explained, “In voice phishing or online secondhand transaction fraud, participating as a cash courier or by lending a bank account goes beyond simple mediation or a favor. It plays a key role in establishing and sustaining the crime.”

He added, “Such conduct may be subject to criminal punishment for fraud or violations of the Electronic Financial Transactions Act, and prison sentences are in fact being imposed.”

Attorney Chon further emphasized, “Considering the reality that violations of the Electronic Financial Transactions Act often result in at least a suspended prison sentence, people must be alert to the seriousness of conduct that contributes to these crimes.”

Source: Asia Today, Reporters Kim Im-soo and Jung Min-hoon, “[Internet Fraud, the Swamp of Damage ①] Courts’ Leniency Toward ‘Account Holders’ Has Turned Korea Into a ‘Republic of Fraud,’” January 13, 2025.
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