KB Financial Group is moving to support the psychological and financial recovery of victims of voice phishing and other telecommunications financial fraud.

KB Financial said on May 28 it signed a memorandum of understanding with the Korean National Police Agency and the Credit Recovery Committee on preventing telecommunications financial fraud, including voice phishing, and supporting victims.

Under the agreement, the police agency will produce and distribute content to prevent telecommunications financial fraud and will run victim support schemes. The Credit Recovery Committee will provide credit and psychological counselling and link victims to legal counselling services. KB Financial will help spread prevention content through branches of its major affiliates and official social media channels and will support funding for professional psychological counselling programmes.

The integrated support service will start on June 1. Victims can apply for credit counselling through the Credit Recovery Committee app. They can receive tailored counselling services free of charge, including on credit management, debt adjustment schemes and welfare schemes, through one-on-one telephone consultations with professional consultants.

Those who want face-to-face consultations can receive credit counselling, guidance on debt adjustment support and linked psychological counselling services through 50 Inclusive Support Centers for Working People’s Finance nationwide and KB Hope Finance Centers. KB Hope Finance Centers operate in 6 hub regions nationwide, including Seoul, to support economically vulnerable groups in rebuilding finances and restoring credit.

Victims found to have psychological difficulties during credit counselling will also be offered professional psychological counselling services through the Korea EAP Association.

A KB Financial official said the harm from telecommunications financial fraud goes beyond simple financial loss and affects a person's daily life and social relationships overall. The official said the group will work to create a safe financial environment through a closely knit support system that runs from prevention to recovery.