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Photo courtesy of NH Bank) |
[Alpha Biz= Paul Lee] SEOUL, October 24, 2025 — Overseas money transfers from NongHyup Bank (NH Bank) to Cambodia have tripled over the past four years, raising concerns that the channel could be exploited by voice-phishing rings and organized crime networks, according to data obtained by Rep. Eoh Ki-gu of the National Assembly’s Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee.
The analysis of NH Bank data shows that since 2021, when transnational criminal activity in Cambodia began to escalate, the total annual amount remitted through NH Bank to Cambodia rose from ₩36.8 billion in 2021 to ₩45.9 billion in 2022, ₩94.2 billion in 2023, and ₩103.8 billion in 2024 — an almost threefold increase.
As of September 2025, remittances had already reached ₩79.8 billion, indicating that the upward trend continues. Between 2021 and September 2025, NH Bank handled 21,981 transactions, totaling ₩360.5 billion (US$251.7 million) in remittances to Cambodia.
Of that total, Korean nationals accounted for ₩316 billion (US$220 million), or 88% of all transactions. Authorities also found that 31 of the accounts used for Cambodia-bound transfers during 2023–2025 were later frozen due to suspected fraud or illegal activity.
Rep. Eoh cautioned that some of these transactions could be linked to voice-phishing scams involving abduction or extortion of Korean victims, urging financial regulators to strengthen transaction monitoring and risk assessment for overseas transfers to high-risk jurisdictions.
NH Bank has reportedly invested ₩5.4 billion (US$3.9 million) in building and operating an anti-financial fraud center between 2020 and August 2025. However, its effectiveness has been limited: during the same period, 8,807 cases of voice-phishing resulted in ₩136.6 billion in total losses, while only ₩21.7 billion (15.9%) was successfully reimbursed.
Separately, NH Bank donated US$37,000 (₩50 million) between 2022 and 2024 to AFESIP (Agir pour les Femmes en Situation Précaire), a Cambodia-based NGO for women in crisis. However, the organization has faced controversy since 2014, when founder Somaly Mam was found to have fabricated testimonies from alleged trafficking victims, leading to the closure of her U.S.-based foundation. Despite the scandal, Mam reportedly continues to serve as AFESIP’s executive director, and the U.S. Embassy in Phnom Penh has previously raised concerns about the group’s financial transparency and service integrity.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
