Korea Deposit Insurance Corporation Returned a Total of 4.4 Billion KRW in 'Erroneous Transfers'

[Asia Economy Reporter Eunju Lee] The Korea Deposit Insurance Corporation (KDIC) announced on the 16th that it has returned a total of 4.4 billion KRW to remitters since introducing the mistaken remittance return support system in June last year.

KDIC released the 'Status of Use of the Mistaken Remittance Return Support System as of the End of July 2022.' The mistaken remittance return support system helps remitters recover funds sent by mistake.

According to KDIC, since the system was implemented in August last year, a total of 11,698 applications (17.1 billion KRW) for mistaken remittance return support were received by the end of July this year. Among these, a total of 3,588 cases (4.41 billion KRW) were returned.

By amount, mistaken remittances between 100,000 KRW and less than 500,000 KRW accounted for 4,266 cases, representing 36.5% of the total. Cases under 3 million KRW accounted for approximately 84.0%.

Among these, economically active individuals aged 30 to 50 accounted for 67.0%. Those under 20 accounted for 17.3%, and those aged 60 and above accounted for 15.7%. Of the 5,384 cases recognized as eligible for support by the end of last month, a total of 3,588 cases (4.4 billion KRW) were returned to remitters.