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2 clusters · 5 sources · 15 days · First seen · Last updated

South Korean banking fraud concerns

Overview

Data from the Financial Supervisory Service indicates that KB Kookmin Bank recorded the highest rate of fraudulent or suspended accounts among eight major South Korean banks during the first half of the year. The bank reported 7.3 fraudulent accounts for every 10,000 newly opened accounts, a rate approximately 5.6 times higher than competitors Shinhan Bank and Toss Bank.

KB Kookmin Bank attributed this increase to rising criminal exploitation of virtual asset transactions through its partnership with the cryptocurrency exchange Bithumb. In response, the bank has established a financial fraud response consultative body with Bithumb to improve the detection of abnormal transactions.

Entities

KB Kookmin Bank · Financial Supervisory Service · Korea Financial Telecommunications & Clearings Institute · Bithumb · KakaoBank

Timeline

  1. [BUSINESS] 2 sources
    KB Kookmin Bank launches B2B preferential parking account

    KB Kookmin Bank launched the ‘KB B2B Preferential Account’, offering corporate and business clients interest rates up to 2.2% per annum and various fee waivers.

  2. [BUSINESS] 3 sources
    KB Kookmin Bank leads major Korean banks in fraudulent account rates

    KB Kookmin Bank recorded the highest rate of fraudulent new accounts among major South Korean banks, partly linked to its partnership with cryptocurrency exchange Bithumb.

Sources

biz.heraldcorp.com · jnilbo.com · sateconomy.co.kr · sisajournal.com · socialvalue.kr