Even if money is sent incorrectly, only 27% is refunded... "Korea Deposit Insurance Corporation needs to improve the system"

It was found that only 27% of cases where money was sent by mistake were refunded.

According to data on the mistaken remittance refund support system submitted by the Korea Deposit Insurance Corporation to Kim Hyun-jung (Democratic Party of Korea, Pyeongtaek-si B, Gyeonggi Province), a member of the National Assembly's Political Affairs Committee, from July 2021 to August 2024, the total number of refund applications for mistaken remittances was 41,379 cases (80.996 billion KRW). However, only 27% of these cases, 11,140 cases (14.127 billion KRW), actually received refunds.

Looking at the refund rate compared to the number of applications by year, it has steadily decreased: 32.6% in 2022, 28.9% in 2023, and 22.1% from January to August this year.

The number of people who applied for refunds but gave up midway reached 4,411 over the past three years. By year, there were 532 in 2021, 1,147 in 2022, 1,466 in 2023, and 1,266 as of August this year, showing a steady increase.

Assembly member Kim Hyun-jung stated, "The purpose of the mistaken remittance refund system is to reduce the time and cost involved in recovering money sent by mistake," and added, "The Korea Deposit Insurance Corporation needs to increase the refund rate and improve the mistaken remittance service to strengthen financial consumer protection."