The Chinese Embassy in South Korea issued a reminder- There are risks in currency exchange, so transactions need to be cautious

Recently, the Embassy of China in South Korea reported a troubling rise in currency exchange scams targeting Chinese citizens. Many victims have sought help after falling prey to fraudsters who lured them with promises of “low fees and high exchange rates” through platforms like WeChat, QQ, and Alipay. After transferring money, these individuals found themselves blocked by the scammers, with losses ranging from thousands to even hundreds of thousands of RMB. There are also cases where victims, after attempting online currency exchanges, became unwittingly involved in telecom fraud, attracting police investigations.

The challenges of international law enforcement complicate the recovery of stolen funds or the apprehension of the fraudsters, especially when transactions are made through Chinese social media. Victims might unknowingly aid scammers by facilitating the movement of illicit funds, which can lead to serious consequences such as frozen bank accounts or even criminal investigations. Furthermore, activities like informal currency exchanges or online transactions are deemed illegal under Korea’s Foreign Exchange Control Act because they are not detected by the South Korean financial system.

In light of these issues, the Chinese Embassy in South Korea has issued a warning to its citizens: Exchange currency at your own risk and proceed with caution. They strongly advise using banks or legitimate currency exchange services for any transactions. Should you fall victim to a scam, it’s crucial to contact your bank immediately to try to freeze the transaction and report the incident to local police in South Korea, or to the appropriate authorities back home.

Here are some important contact numbers for assistance:
– South Korea emergency police: 112
– Financial Supervisory Service of Korea: 1332 (for urgent cancellations)
– Report malicious and spam information in China: 12321
– WeChat and QQ misconduct reporting: https://110.qq.com
– Ministry of Foreign Affairs Global Consular Protection Hotline: +86-10-12308
– Chinese Embassy in South Korea consular protection contact: +82-2-755-0572
– Consulate General in Busan: +82-10-8519-8748
– Consulate General in Gwangju: +82-62-361-8880
– Consulate General in Jeju: +82-64-722-8802