South Korean men have lost a staggering 100 billion won (US$73 million) to online romance scams this year, with fraudsters based in Southeast Asia manipulating victims into investing in fake cryptocurrency platforms.
Data released by Rep. Han Byung-do of the Democratic Party of Korea reveals that between January and September, reports of romance scams totaled 100 billion won, surpassing the 68 billion won recorded from February to December last year, Korea Times reported.
Despite increased efforts by South Korean police to monitor and warn against online scams, the problem continues to escalate.
The number of romance and financial fraud cases reported to the police rose from 1,265 between February and December last year to 1,565 in the first nine months this year.
However, authorities face significant challenges in tracking down the criminal syndicates, as they operate across borders and use cryptocurrency to obscure transactions, Korea Times said.
Transnational scam gangs, primarily operating from Cambodia and other Southeast Asian countries, have exploited social media to target South Korean men. These networks often pose as foreign women to trick victims into fake investment schemes.
Scammers typically initiate contact through social media or dating apps, building emotional rapport with their victims before introducing them to fake cryptocurrency platforms, which promise high returns. Once the victims invest significant amounts or attempt to withdraw funds, the platforms disappear, and all communication ceases.
Over the years, these scams have become more sophisticated. Initially, perpetrators posed as foreign professionals, such as doctors, soldiers, or finance experts, using stolen photos and fake profiles to target English-speaking Koreans.
They often fabricated stories about traveling to Korea or inheriting wealth, requesting money for travel expenses or emergencies, according to The Korea Herald.
Today, these operations have become more localized and advanced. Organized crime groups in Southeast Asia now employ fluent Korean speakers, with scammers impersonating Koreans, adopting realistic names, accents, and cultural habits to avoid suspicion.
Police stress that what makes these scams particularly harmful is the psychological manipulation involved. "It's not about gullibility," a police officer explained to The Korea Herald.
"The perpetrators spend hours building rapport and emotional trust, that's why victims fall for them."