Woori Bank's 'Unauthorized Password Change' to Be Submitted to FSC Disciplinary Committee on 16th

[Asia Economy Reporter Jo Gang-wook] The Financial Supervisory Service (FSS) will bring the case of unauthorized password changes of Woori Bank customers to the Disciplinary Committee in mid-June.

According to the financial sector on the 7th, the FSS plans to hold a Disciplinary Committee meeting on the 16th and formally place the disciplinary proposal regarding Woori Bank's unauthorized password changes on the agenda.

The FSS found that from January to August 2018, Woori Bank employees had unauthorizedly changed customers' passwords.

At that time, employees used tablet PCs to change the passwords of dormant customer accounts that had not accessed internet or mobile banking for over a year. This was an abuse of the fact that accounts previously unused by customers would be activated by registering a password, which would then be counted as new customer acquisition performance.

The FSS reports that 313 employees from about 200 branches were involved, and approximately 500 people, including those responsible for management, are subject to disciplinary action.

The FSS plans to determine whether to impose institutional sanctions on Woori Bank and the level of fines through the disciplinary committee.