The South Korean data protection authority has issued an alert regarding the risks of scams following recent data leaks in the financial sector.

Following several personal data leaks in the financial sector, the authorities have issued a warning to consumers. Although passwords and one-time password (OTP) authentication information were not compromised, there is an increased risk of targeted scams, including loan fraud. Fraudsters could use disclosed information, such as name and address, to impersonate bank employees. Consumers are advised never to share passwords, to refuse any transfer requests for loan repayment to a personal account or app installation, and to verify the authenticity of any communication through the official channels of the concerned institutions.

On October 6, financial authorities convened an emergency meeting with sector institutions and established a "special response period for secondary damage" lasting one month. Financial companies were instructed to set up dedicated counters for victims, strengthen their fraud detection systems (FDS) to monitor suspicious transactions combining disclosed data, and ensure a rapid remediation process in case of proven harm. They were also asked to use the Anti-Phishing Sharing and Analysis AI Platform (ASAP) for rapid sharing of suspicious information, a system that has already blocked 7,666 accounts and prevented losses amounting to 69.94 billion won (approximately €46.6 million).

To prevent harm, consumers are encouraged to use preventive services. The "Financial Transaction Security Blocking Service" allows blocking credit operations, non-face-to-face account openings, and unauthorized open banking services. Additionally, registration with the "Personal Data Leak Accident Prevention System" via the financial consumer information portal "Fine" restricts the creation of new accounts or issuance of credit cards in the registered person's name, thus preventing identity theft.