[The Hankyoreh, July 10 2007] Phone fraud to lead to stricter regulations on banking

Financial transactions are about to become a lot more difficult for foreigners

It is about to get a lot harder for tourists and other non-Korean citizens in the country temporarily to open accounts at Korean financial institutions. Government financial officials claim the ease with which temporary residents or visitors can open bank accounts in Korea is allowing the country to be used in acts of ‘‘voice phishing,’’ a form of international financial fraud involving telephone communications.