Seoul: The Republic of Korea’s financial watchdog announced on Sunday that it has requested authorities to restrict access to 1,428 websites and online posts suspected of facilitating illegal financial investment schemes.
According to Lao News Agency, the Financial Supervisory Service (FSS) made this request to the Korea Communications Standards Commission after evaluating 4,325 reports and complaints submitted last year. Out of these cases, the FSS has called for police investigations into 60 instances that were found to involve concrete illegal acts.
The watchdog identified the most common type of investment scam as involving fraudsters posing as officials from securities firms or registered investment companies, with 28 such instances reported. Additionally, fraudulent investment advisory services accounted for 14 cases, while illegal investment trading schemes comprised 11 cases, as detailed by the FSS.