Financial Authorities Convene Emergency Meeting Over SKT Hacking, Warn of Identity Theft and Financial Fraud Risks

Financial authorities have convened an emergency response meeting regarding the SK Telecom USIM information leak incident. This action was taken as concerns spread that the leak could lead to financial fraud such as identity theft.

The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) announced on the 29th that they will hold an emergency response meeting on the morning of the 30th, presided over by Kwon Daeyoung, Secretary General of the FSC, to discuss countermeasures to prevent secondary damages that may arise from this hacking incident.

An FSC official stated, "We are strengthening monitoring and responding closely to prevent potential consumer damages," adding, "To prevent damages that may result from the hacking, we are taking a multi-pronged approach, including disseminating precautionary information, guiding consumers to sign up for the Safe Blocking Service, and operating financial accident reporting centers and emergency response teams."

Previously, on the 23rd, financial authorities had distributed a notice titled 'Precautions Related to Mobile Carrier USIM Hacking Incidents' to financial institutions and urged them to strengthen monitoring of abnormal financial transactions.

The notice includes the following: strengthening monitoring for mobile financial applications that collect device information by implementing additional authentication or using Fraud Detection Systems (FDS) for customers whose device information has changed; applying additional authentication methods for financial services where authentication is completed solely through mobile phone or SMS verification; and guiding consumers to promptly contact their carrier or financial institution if their mobile phone suddenly stops functioning.

In addition, financial authorities are currently accepting reports of financial damages related to the SKT hacking through a dedicated financial accident reporting center. It has been confirmed that no specific cases of damage have been reported yet.

An FSC official emphasized, "By enrolling in the 'Safe Blocking Service for Non-Face-to-Face Account Opening and Loan Transactions,' which blocks all non-face-to-face account openings and loan executions across all financial institutions, you can prevent unauthorized financial transactions from occurring without your knowledge."

During the week following the SKT hacking incident (April 22-28), approximately 350,000 people applied for the Safe Blocking Service for non-face-to-face account openings, and about 450,000 applied for the Safe Blocking Service for loan transactions. Notably, since the hacking incident, about 65% of all applicants have been under the age of 40, indicating a sharp increase in applications from younger individuals.

Financial authorities stated, "Since the possibility of secondary damages cannot be completely ruled out, please follow the guidance and necessary measures provided by financial authorities and institutions," and added, "In particular, be especially cautious, as crimes such as voice phishing may occur by exploiting this situation."