'17 Million Users' on Toss Secretly Charged 9.38 Million Won... Will Withdrawals Surge?

[Asia Economy Reporter Kim Min-young] A financial incident occurred in the mobile financial service Toss, which has over 17 million subscribers, where personal information was stolen and nearly 10 million KRW was secretly charged. Online, inquiries about withdrawing from Toss are continuing.

According to Viva Republica, the operator of Toss, on the 3rd, eight users reported to the company that online payments were made without their knowledge through the Toss application (app). The total amount of damage is 9.38 million KRW.

Toss stated in a notice, "This case is not due to information leakage through Toss, but an issue of fraudulent payments using stolen personal information," and "On the 3rd, fraudulent payments occurred under the names of eight customers at three online merchants."

According to Toss, some payment gateway (PG) companies partnered with Toss adopted a web payment method that allows payment if a 5-digit PIN, date of birth, and name are provided, and it is highly likely that this information was leaked.

The web payment method was applied to some merchants, such as those based on physical transactions, and requires users to enter all personal information and passwords to complete the payment. After this incident, Toss is reportedly switching from the web payment method to the app payment method.

The victims reported the incident to the police separately from compensation. The Nowon Police Station in Seoul is currently investigating the case.

Toss said, "We have issued transaction statements and other supporting documents to customers who wish to report to the police and other investigative agencies and provided related guidance," and "The company will also actively cooperate with investigative agencies upon request."

Despite Toss's explanation, a movement to withdraw from Toss is spreading online. Posts in financial cafes, mom cafes, and blogs continue to inquire about withdrawing from Toss and deleting the app. Netizens have commented, "Withdrawing from Toss," "Regrettably withdrawing," and "Toss withdrawal completed."