High-ranking officials of the government and the ruling party on Sunday agreed on the need to increase efforts to bust voice phishing scammers by the end of October and to strengthen cooperation with Interpol and Chinese state security authorities to crack down on organized crime overseas.

Officials in President Yoon Suk Yeol's office, his administration and the ruling People Power Party also agreed to inspect messaging service providers to look into security vulnerabilities by the end of July, according to ruling People Power Party's spokesperson Rep. Kwak Kyu-taek.

Moreover, Seoul will move to strengthen regulations regarding an individual's identification process as he or she activates a smartphone or opens a bank account. A bank account used for fraud will have an upper transfer limit of 300,000 won ($217) per day.

Seoul will also allow records of voice phishing scammers' calls with victims to be accessible to South Korea's mobile carriers to help the companies develop artificial intelligence technology that would filter suspicious incoming calls.

"As consumers are feeling the pinch, voice phishing scammers and illegal loan sharks are at the height of their activities," Rep. Choo Kyung-ho, floor leader of the People Power Party, said during a meeting at the Prime Minister's Office in Seoul.

"Especially the voice phishing scams are becoming more reckless and more sophisticated, and more consumers fall victim. ... Given that the victims of the loan sharks are mostly those who cannot afford loan products of regulated lenders, I think it is high time for the government to strengthen the crackdown on the illegal financial activities and salvage victims," Choo also said.

Officials also agreed to provide state financial support to help small restaurants make up for the costs of food delivery services and utilities. They will also work to propose legislation to create a new ministry dedicated to strategies to counter South Korea's population crisis due to the low fertility rate.