K Bank Launches Banking Industry's First "Full Compensation for Identity Theft" Service

Strengthened Identity Verification Procedures
Full Compensation for Damages After Enrollment
Phishing Prevention Feature to Be Added in the First Half of the Year

K Bank announced on May 13 that it will launch the "Full Compensation for Identity Theft" service to help prevent customers from falling victim to financial fraud.

This service strengthens identity verification procedures when changing mobile devices and provides full compensation for damages caused by identity theft. K Bank is the first to offer a service that fully compensates for such losses.

Specifically, when a customer changes or newly activates a mobile device and uses the K Bank application (app), additional identity verification steps such as video calls or facial recognition are required. By directly confirming the customer's identity, the risk of identity theft can be prevented.

This measure is possible because K Bank is confident in its customer protection and security. Even if damages occur after the identity verification process, K Bank will fully compensate for the loss.

This service is available free of charge to all K Bank customers. Customers can complete ID verification and a video call through the "Authentication/Security" or "Financial Safety" menu in the "All" tab at the bottom of the K Bank app. However, cases involving identity theft by family members or acquaintances, mobile phone transfer or loss, or damages incurred through other companies' apps such as open banking and firm banking are excluded from compensation.

The goal is to establish a triple safety net for financial fraud prevention within the first half of the year. By additionally launching a phishing prevention feature, K Bank plans to offer three types of financial fraud prevention services: KT's artificial intelligence (AI) real-time voice phishing detection technology, the full compensation for identity theft service, and the new phishing prevention function.

Tak Yoonseong, Executive Vice President and Head of Consumer Protection at K Bank, said, "With growing nationwide concern over identity theft, K Bank is working to prevent financial fraud through an abnormal transaction detection system (FDS) and 24/7 monitoring," adding, "We will do our utmost to ensure that K Bank customers can use financial services more safely."