Client data leaked at two foreign banks in South Korea

Financial authorities in South Korea have confirmed data breaches have occurred at two foreign banks, with client information already being circulated.

Financial authorities in South Korea have confirmed data breaches have occurred at two foreign banks, with client information already being circulated.

According to the authorities, the data of around 50,000 clients has been stolen from Citibank Korea and Standard Chartered Bank Korea.

However, the authorities confirmed the leaked data does not include critical information such as credit card numbers or passwords.

This makes it unlikely the data could be used by financial scammers.

Concerns that financial fraud might have occurred increased when South Korean police several clients at Citibank Korea had been victims of voice phishing.

Voice phishing is a form of fraud that threatens or coaxes individuals into revealing personal financial information providing access to their financial accounts.

Data on more than 2,000 customers of Citibank Korea, including financial transaction records, were used by the voice phishing ring, according to the police.

In response to the data leak, the Financial Supervisory Service (FSS), South Korea’s financial watchdog, urged customers to be vigilant and alert to the threat of voice phishing.

Yang Hyun-geun, senior director at the FSS, said: "A call or a text message that offers you a low rate loan, invites you to a special online banking site or asks you to send your bank information and financial records, they are 100% fraud."

In January 2014, the FSS revealed the personal data of 20m clients had been leaked from three card firms; KB Kookmin, NH Nonghyup and Lotte, as well as Kookmin Bank.

 

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