South Korea's Financial Services Commission issues phishing alert and starts monthlong response period after financial sector data leaks

The South Korea Financial Services Commission issued a caution-level consumer alert and established a monthlong special response period, extendable if necessary, to prevent phishing, smishing and identity theft following financial sector data leaks. Financial companies were instructed to establish dedicated customer support channels, strengthen fraud detection using leaked information and rapidly share suspicious activity through the AI-based Anti-Phishing Sharing and Analysis Platform. Enhanced controls will target high-risk transactions involving affected customers, including remote loans, non-face-to-face account openings and large transfers, with additional identity checks where appropriate. Companies must promptly report and share suspected cases, monitor for actual losses and expedite relief and compensation if harm occurs. Passwords and one-time password information were not exposed, and no related loss of customer funds has been confirmed. Consumers were warned that criminals may use leaked personal information to impersonate financial institutions and offer loans or compensation. Requests for advance payments, repayment of existing loans to personal accounts, app installations, credentials or transfers to protect funds should be treated as fraud. Consumers can also use transaction blocking services and the Personal Information Exposure Accident Prevention System to restrict unauthorized loans, account openings, card issuance and open banking activity.