Kbank launches full compensation service for identity theft – 매일경제

South Korea’s internet-only Kbank announced on Monday that it will launch the industry’s first service that offers full reimbursement in the event of losses due to identity theft.
The bank also plans to strengthen its identity verification procedures to prevent such fraud from occurring in the first place.
Under the new service, if a customer changes or newly activates a mobile device and uses the Kbank app, he or she must go through additional identity verification steps, such as video calls or facial recognition.
If fraud still occurs after these steps, Kbank will fully compensate the loss.
However, cases involving identity theft by family members or acquaintances, phone transfer or loss, or losses through third-party apps like open banking or firm banking are excluded from compensation.
Kbank customers can enroll in the service for free.
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pulse@mk.co.kr


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