KB averts $2 mn in scam losses, supports house rental scam victims

[Courtesy of KB Kookmin Bank]

South Korean commercial bank KB Kookmin Bank said that it protected its customers from a series of scam attempts that could have caused more than 3 billion won ($2.17 million) in losses during the first half of 2024. The bank also established a support program with 5 billion won funds at the end of 2023, with 1.2 billion won already distributed by the end of May 2024 to victims of house rental scams that hit the country a few years ago.

KB Kookmin Bank said in a statement dated July 11th, 2024, that its employees properly responded to 63 phishing attempts, averting 3 billion won in potential losses in the first half of 2024. The bank uses its artificial intelligence-powered monitoring system, which analyzes customer financial transaction patterns and fund flows in real time and detects suspicious activity, as part of its effort to prevent financial scams.

It also said its sales workforce plays a front-line role in prevention against in-person phishing attempts, with all employees receiving training on phishing scenarios and appropriate responses to fraud attempts.

The bank additionally provided financial assistance to victims of rental scams, with 1.2 billion won given to 1,644 victims by the end of May 2024.