On June 1, 2026, South Korea will launch a sweeping new initiative to support victims of telecommunication financial fraud, including the ever-evolving threats of voice phishing, smishing, and messenger phishing. This effort, born from a rare collaboration between the Korean National Police Agency, KB Financial Group, and the Credit Recovery Committee, is set to redefine how victims are cared for—addressing not only their financial losses but also the serious psychological wounds these crimes can leave behind.
The roots of this partnership go back to May 28, 2026, when representatives from all three organizations gathered to sign a memorandum of understanding (MOU). According to NewsPim and Opinion News, the agreement's goal is nothing short of ambitious: to create an integrated, nationwide support system for victims, one that weaves together economic, legal, and psychological recovery, while also ramping up prevention efforts. The program, fully funded by KB Financial Group's donations, will be available free of charge to anyone affected by these scams.
But what does this mean in practice? For starters, victims will have access to a comprehensive suite of services. As Ilgan Today reports, the Credit Recovery Committee will take the lead on credit and debt counseling. Victims can apply for help directly through the Committee's app, where they’ll be connected with professional consultants for one-on-one telephone sessions. These sessions cover everything from credit management and debt adjustment to guidance on available welfare programs. If a more personal touch is needed, face-to-face counseling is available at 50 integrated financial support centers or six KB Hope Financial Centers scattered across the country. These centers, established to help financially vulnerable citizens get back on their feet, offer a welcoming space for those who prefer in-person support.
However, the impact of telecommunication financial fraud reaches far beyond the balance sheet. As the Korean National Police Agency has emphasized, victims often struggle with intense feelings of self-blame, shame, anxiety, and social withdrawal. It’s not just about losing money—it’s about losing trust, confidence, and sometimes, a sense of safety in daily life. Recognizing this, the new program places a strong emphasis on psychological recovery. Psychological counseling will be delivered in collaboration with the Korea EAP Association, a professional body specializing in employee assistance and mental health. The process begins with a phone assessment to gauge the victim’s emotional state, after which they may be connected to clinical psychologists, therapists, or coaches for further support. Depending on the victim's preferences and needs, counseling can be arranged face-to-face or remotely, ensuring accessibility and comfort for all participants.
“Telecommunication financial fraud is not just a simple financial crime—it’s a crime that shakes the very foundation of a person’s daily life and social relationships,” a KB Financial Group representative told Opinion News. “We are committed, together with the police and the Credit Recovery Committee, to building a tight-knit support system that protects the financial well-being of our citizens from prevention all the way through to recovery.”
The police have taken on the task of creating and distributing prevention content, aiming to educate the public and curb the spread of these scams before they strike. This content will be disseminated nationwide through KB Financial Group’s branches and official social media channels, ensuring broad reach and accessibility. The Credit Recovery Committee, meanwhile, will not only provide credit and psychological counseling but will also offer legal counseling linkage services, giving victims a holistic support network to lean on as they recover.
What sets this initiative apart is its integrated, public-private approach. Rather than treating financial fraud as a purely economic issue, the program acknowledges the complex, compounding effects these crimes can have on individuals and communities. As Seoul News highlighted, the partnership is a direct response to the reality that many victims experience long-term aftereffects, including persistent psychological distress and social withdrawal. The hope is that by addressing these challenges head-on, more victims will be able to reclaim their lives and find a path back to normalcy.
For those seeking help, the process is designed to be as straightforward as possible. Victims can start by applying for credit counseling via the Credit Recovery Committee app, where they’ll receive personalized, confidential support from trained consultants. If psychological difficulties are identified during the counseling process, victims will be seamlessly connected to the Korea EAP Association for further assessment and ongoing care. This isn’t a one-and-done operation—both the Credit Recovery Committee and the Korea EAP Association have pledged to provide continuous, tailored support to ensure that victims are not left to navigate their recovery alone.
Funding for the psychological counseling program is provided entirely by KB Financial Group, underscoring the company’s commitment to corporate social responsibility and the broader well-being of the Korean public. As part of its ongoing efforts, KB Financial Group is also working to spread financial education and scam prevention awareness, particularly among vulnerable groups who may be at higher risk of falling victim to these schemes.
The police, for their part, are urging the public to remain vigilant. “If you receive a suspicious call or message, don’t hesitate—hang up immediately and report it to 1394,” said Oh Chang-bae, head of the National Police Agency’s Integrated Response Team for Telecommunication Financial Fraud, as quoted by Ilgan Today. He added, “The damage caused by telecommunication financial fraud goes far beyond monetary loss. It has a profound impact on every aspect of a person’s life. Through this agreement, we will continue to expand practical support so that victims can recover both economically and psychologically.”
While the scale of telecommunication financial fraud has grown in recent years, so too has the resolve of public and private institutions to fight back. This new initiative represents a significant step forward, not only in terms of resources but also in the recognition that true recovery requires attention to both the purse and the mind. By joining forces, the Korean National Police Agency, KB Financial Group, and the Credit Recovery Committee are sending a clear message: no victim has to face the aftermath of fraud alone, and help is just a phone call—or a click—away.
As South Korea prepares to roll out this comprehensive program, hopes are high that it will become a model for victim support in an increasingly digital, and sometimes dangerous, financial world.