Bank of Korea governor impersonated in illegal stock-tip scheme costing hundreds of billions of won

Fake SNS accounts impersonating Bank of Korea Governor Shin Hyun-song and other public figures have been proliferating, luring users into illegal investment chat rooms that recommend stocks for a fee.

On Tuesday and Wednesday — just before the Chuseok holiday — multiple posts appeared on SNS from accounts posing as Shin, promising followers insight into economic trends and urging them to add the account as a friend.

While the accounts stopped short of openly soliciting investments, those who added them or sent messages were told about a "study group" and invited to join a group chat. Once inside, participants were asked for personal information and promised stock picks capable of delivering double-digit returns.

The accounts impersonating Shin were suspended within hours after the Bank of Korea asked the SNS platforms to remove them. But the chat rooms that had already drawn in members continue to operate on Telegram.

Creating fake celebrity accounts to funnel users into illegal paid investment channels has become an established form of investment fraud.

Beyond Shin, fake accounts impersonating well-known figures in finance, entertainers and "fininfluencers" — a portmanteau of finance and influencer — are consistently appearing on SNS. Fraudsters have also created counterfeit accounts mimicking popular investment communities and YouTube channels, and there have been cases of ordinary people's photos being stolen for use in such schemes.

This type of investment-fraud phishing causes losses running into the hundreds of billions of won each year.

According to data submitted to People Power Party lawmaker Seo Il-jun by the Financial Supervisory Service, investment-fraud phishing cases totaled 6,769 in the first quarter of this year, with losses reaching 181.7 billion won ($134 million). Last year, the number of cases came to 11,468, with total losses of 391.6 billion won.

The Bank of Korea and other institutions have been working to limit the damage — primarily by requesting that platforms remove fraudulent accounts — but victims continue to emerge at a steady pace.

"We cannot identify impersonation accounts before they appear, but we plan to monitor continuously and respond immediately upon discovery," a Bank of Korea official said.