Key Takeaways
- • Digital Asset eXchange Alliance (DAXA) held a virtual-asset financial scam prevention training for roughly 100 Republic of Korea Marine Corps service members at ROK Marine Corps Headquarters on the 13th, according to Financial News.
- • The Credit Counseling and Recovery Service (CCRS) reports around 1,000 military personnel apply for debt adjustment each year, with average debts in the 50-million-won range.
- • The session was the third DAXA tailored training for military personnel, following sessions in August 2024 and December 2024.
- • DAXA is extending its education to older adults through the FSS's two-month financial education program running October to November, with 687 sessions nationwide alongside 17 banks.
Summary
As military pay has risen and service members are permitted to use smartphones during duty hours, young soldiers face greater exposure to financial investment risks, according to Financial News. The Credit Counseling and Recovery Service (CCRS) reports that about 1,000 service members apply for debt adjustment each year, with average debts in the 50-million-won range. Some individuals who lost money in virtual-asset investments reportedly turned to online gambling in an attempt to recover those losses.
The Digital Asset eXchange Alliance (DAXA) held a training session on preventing virtual-asset-linked financial investment scams for around 100 Republic of Korea Marine Corps members at ROK Marine Corps Headquarters on the 13th. It was the third DAXA program tailored to military personnel, following sessions in August 2024 for the Military Police Group of the Capital Defense Command and in December 2024 for subordinate units of the Capital Defense Command. The training covered blockchain and virtual-asset fundamentals, major scam types, real-life cases, and sound investment practices. It focused on identifying suspicious solicitations, including illegal investment tip chatrooms, impersonation scams, and romance scams.
The session was led by DAXA advisory committee member Jae-woo Cho. DAXA Executive Vice Chairman Jae-jin Kim said that preventive education reflecting young service members' investment habits and service conditions is essential, and that DAXA will continue expanding tailored education for different groups.
DAXA is also participating in the Financial Supervisory Service's (FSS) intensive financial education for older adults, which runs for two months in October and November. The FSS is conducting 687 sessions nationwide with 17 banks, the Financial Investment Association, and DAXA. DAXA's portion includes a traditional Korean outdoor theater performance designed to illustrate scam losses and how to avoid them. DAXA previously staged a similar outdoor theater program in Busan in August and released an educational video on September 14 titled "Beware of Impersonation of KRW Exchange PC Apps."
The Digital Asset eXchange Alliance (DAXA) held a training session on preventing virtual-asset-linked financial investment scams for around 100 Republic of Korea Marine Corps members at ROK Marine Corps Headquarters on the 13th. It was the third DAXA program tailored to military personnel, following sessions in August 2024 for the Military Police Group of the Capital Defense Command and in December 2024 for subordinate units of the Capital Defense Command. The training covered blockchain and virtual-asset fundamentals, major scam types, real-life cases, and sound investment practices. It focused on identifying suspicious solicitations, including illegal investment tip chatrooms, impersonation scams, and romance scams.
The session was led by DAXA advisory committee member Jae-woo Cho. DAXA Executive Vice Chairman Jae-jin Kim said that preventive education reflecting young service members' investment habits and service conditions is essential, and that DAXA will continue expanding tailored education for different groups.
DAXA is also participating in the Financial Supervisory Service's (FSS) intensive financial education for older adults, which runs for two months in October and November. The FSS is conducting 687 sessions nationwide with 17 banks, the Financial Investment Association, and DAXA. DAXA's portion includes a traditional Korean outdoor theater performance designed to illustrate scam losses and how to avoid them. DAXA previously staged a similar outdoor theater program in Busan in August and released an educational video on September 14 titled "Beware of Impersonation of KRW Exchange PC Apps."
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