- Financial crime prevention training conducted with Shinhan Bank and NongHyup Bank to prevent illegal currency exchange and voice phishing -

Incheon Metropolitan City (Mayor Yoo Jeong-bok) announced that it held a financial education program for international students on March 3 at the auditorium of the Chungwoon University’s Incheon Campus in cooperation with Shinhan Bank. The aim of the program was to foster a more foreigner-friendly environment, helping Incheon move closer to becoming a top global city.

Currently, around 169,000 foreign residents live in Incheon, ranking fourth* nationwide in terms of foreign resident population.

*Number of foreign residents (as of November 2024): Gyeonggi-do: 845,074, Seoul: 450,888, Chuncheongnam-do: 169,245, Incheon: 169,219)

According to data from the Financial Supervisory Service, financial crimes targeting Korean nationals have declined due to stronger enforcement, while those targeting foreign residents in Korea have increased.

The number of international student accounts reported in fraud cases rose from 141 in 2020 to 515 in 2021 and 1,267 in 2022.

In particular, damage from illegal currency exchange transactions targeting foreign residents continues to occur. When foreigners transfer money to illegal currency brokers, the account may later receive funds related to voice phishing scams. In such cases, the account holder may face restrictions on financial transactions for up to three years, and a criminal record related to such activity could negatively affect visa extensions.

To address these issues, Incheon signed a “Mutual Cooperation Agreement for Improving Living Conditions to Build a Global Top 10 City” with financial institutions—including Shinhan Bank and NongHyup Bank—last November and has been promoting financial education for foreign residents through public–private cooperation.

The training program covered basic financial information, introducing ways to open a bank account, using debit cards and ATMs, utilizing mobile banking, and issue digital certificates. The session also included case-based education on suspicious part-time jobs involving cash collection, misuse of accounts opened under another person’s name, voice phishing scams, and illegal currency exchange schemes. The practical examples received a positive response from participating international students.

Incheon plans to continue expanding financial education in response to demand from foreign residents. From March 7 to 9, the city government will also conduct financial education programs for foreign workers learning Korean at the Poory Industry Foreign Worker Center and for international students at Kyung-in Women’s University.

Lee Seon-ho, Director of the Global City Bureau of Incheon, stated, “A safe financial environment is essential for foreign residents to settle in Incheon with stability. We will continue working with commercial banks to prevent foreign residents from becoming victims of financial fraud and actively promote a foreigner-friendly environment befitting a global city.”