K-Bank introduces protection scheme against phishing scams

[Courtesy of K-Bank]

A South Korean online bank has taken steps to protect its customers from phishing scams. This comes as a response to a new type of fraudulent scam where criminals exploit a regulation that freezes accounts suspected of illegal activities. In this scam, phishers send money to victims’ accounts and then demand payment to unlock the accounts.

K-Bank introduced a new protection measure allowing them to regain access to their accounts within one hour after verification. When a scam victim requests to lift the suspension, the bank quickly checks for any criminal activity and lifts the suspension, leaving only a specific amount blocked.

For example, if a scammer deposits 200,000 won ($149.25) into the account, all other deposits except that amount become accessible.

The verification process will be thorough to ensure the legitimacy of the request and prevent phishing scammers from pretending to be victims. This includes checking the victim’s identification through ID cards, video calls, and a detailed analysis of the victim’s account history.