A scam alert for the Korean community

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Here’s a scam we know is hitting the Korean community right now — but it’s just as likely to be coming soon to a phone or email inbox near you. Because one thing we know is that scammers never target just one person (or community). Read on so you can spot and report these scammers before they trick someone you care about out of money.

According to our colleagues in the Korean community, an American “lawyer” is asking for a big transaction fee from his target (let’s call him Dan) in South Korea. Why? Because the “lawyer” says he’s helping the King of Cambodia. The King (supposedly) has $1.2 million in secret funds parked in a U.S. bank account and withheld by the U.S. government. The King (supposedly) needs Dan’s help to send that money to his son who’s (again: supposedly) studying in South Korea. And the “lawyer” has a whole bunch of “government” documents to make this story look believable. For his troubles, Dan will get a big cut of the money. Supposedly.

But it’s all a scam. The secret pot of money doesn’t really exist. The supposed documents are forged. And nobody who contacts you out of the blue asking for a transaction fee to send you or a loved one money is legitimate. Ever.

Unfortunately, “Dan” sent a wire transfer with more than $20,000 in fees — and the lawyer still wants more. Which is what scammers do: if they can get you to pay once, they’ll keep trying. A real lawyer is now helping “Dan,” encouraging him to do the right things: (1) stop paying, and (2) report it.

So spread the word, whether you’re in the Korean community or anywhere else:

• Never pay anyone who contacts you asking for money. No matter what their story is.
• No government official from any country has real money to send to you. Anyone who says they do is a scammer.
• If anyone tells you to pay by wire transfer, gift card, or cryptocurrency, that’s a scam.

Report these scams to the Federal Trade Commission: ReportFraud.ftc.gov. Your report makes a difference: by telling your story to the FTC and others in your community, you help stop the scammers — and help others avoid the scam.

Read this post in Korean.

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