Financial authorities have taken a concrete step toward introducing a long-discussed no-fault compensation scheme for victims of voice phishing, submitting to lawmakers a blueprint that would require banks to reimburse losses unless they can demonstrate that a statutory exemption applies. The proposal, included in the Financial Services Commission’s (FSC) policy report submitted Wednesday to the National Assembly, marks the government’s clearest signal yet that it intends to press ahead with revisions to the Special Act on the Telecommunications-based Financial Fraud and Refund for Loss after months of debate. Under the plan, the bank used by the victim and the institution that maintained the fraudulent account would each bear half of the compensation paid to scam victims. Instead of setting a fixed compensation limit, the revised legislation would authorize the state to determine the cap by presidential decree within a range of 10 million won ($6,890) to 50 million won. The formula for calculating each institution’s share of compensation, along with claims procedures and other op
Banks face full liability for voice phishing compensation
in News
Related Posts
Latest News from Korea
- Foreign tourists’ spending in Seoul surges more than 50 % in H1: data
The number of foreign visitors to Seoul in the first half of this year increased by more than 20 percent from the same period last year, while their credit card spending in the city surged by more than 50 percent, data from the city government showed Wednesday. Seoul attracted 8.23 million foreign tourists in the January-June period, up 21.3 percent… Read more: Foreign tourists’ spending in Seoul surges more than 50 % in H1: data - Banks face full liability for voice phishing compensationFinancial authorities have taken a concrete step toward introducing a long-discussed no-fault compensation scheme for victims of voice phishing, submitting to lawmakers a blueprint that would require banks to reimburse losses unless they can demonstrate that a statutory exemption applies. The proposal, included in the Financial Services Commission’s (FSC) policy report submitted Wednesday to the National Assembly, marks the government’s… Read more: Banks face full liability for voice phishing compensation
- Ex-President Yoon referred to prosecution on new election law violation chargesPolice said Wednesday they have referred former President Yoon Suk Yeol to the prosecution on new election law violation charges over alleged false statements he made ahead of the 2022 presidential election Yoon is accused of falsely claiming that his wife, Kim Keon Hee, was not involved in a stock price manipulation scheme when he ran as the main opposition… Read more: Ex-President Yoon referred to prosecution on new election law violation charges
- Parliamentary committee refers bill scrapping prosecution’s investigative authority to coordination panelA bill aimed at stripping the prosecution of its supplementary investigative authority was referred to a parliamentary agenda coordination committee Wednesday amid disagreements between rival parties. The National Assembly’s legislation and judiciary committee referred the revision to the Criminal Procedure Act to the agenda coordination committee earlier in the day amid protest from the main opposition People Power Party (PPP).… Read more: Parliamentary committee refers bill scrapping prosecution’s investigative authority to coordination panel
- Mapping Seoul’s taste: Neighborhoods show distinct instant noodle preferencesA bowl of instant noodles may seem like an ordinary grocery purchase, but in Seoul it can also offer a glimpse into how people live, shop and eat. New sales data from Nongshim, Korea’s leading producer of instant noodles, suggests that even in a city united by a deep affection for the quick dish, neighborhood demographics and retail environments shape… Read more: Mapping Seoul’s taste: Neighborhoods show distinct instant noodle preferences
Latest Entertainment from Korea
- LE’V Steps Into the Light: “Spotlight Soul” Captures the Artistry, Growth, and Glow of a New Era in the 2026 Season’s Greetings CollectionPhoto Credits: CHROMOSOME LE’V Illuminates 2026 with “Spotlight Soul” LE’V enters 2026 with a statement that feels both cinematic and deeply personal. His Season’s Greetings “Spotlight Soul” concept photos reveal a striking evolution — one that merges emotional depth with artistic clarity. The project, released as a collector’s visual experience, celebrates not just another year but LE’V’s firm grasp on identity, craft,… Read more: LE’V Steps Into the Light: “Spotlight Soul” Captures the Artistry, Growth, and Glow of a New Era in the 2026 Season’s Greetings Collection
- KiiiKiii Leesol & Haum Illuminate SPUR x Dior Addict’s January 2026 Issue with Daring Light, Sensual Motion, and New Beauty CodesPhoto Credits: SPUR Dior Starship Entertainment A New Year, A New Iconic Pairing SPUR Magazine opens 2026 with a collaboration that feels both intimate and electric. The January 2026 Issue Pictorial Preview showcases KiiiKiii Leesol and Haum in a visual dialogue infused with Dior Addict’s luminous rebellion. Titled “Light Moves: The Addict State of Mind”, the spread captures the interplay of motion, reflection, and self-definition—a signal… Read more: KiiiKiii Leesol & Haum Illuminate SPUR x Dior Addict’s January 2026 Issue with Daring Light, Sensual Motion, and New Beauty Codes
- Breaking Boundaries: ifeye × KITTO Taiwan Redefine Visual Storytelling in the January 2026 Pictorial — A Fusion of Innovation & IdentityPhoto Credits: Hi-Hat Entertainment The Convergence of Vision and Identity The January 2026 Pictorial from ifeye × KITTO Taiwan marks a defining moment in East Asian creative media. Framed as both a celebration and an evolution, the collaboration bridges art direction, fashion narrative, and technological fluidity to capture a new generation’s pulse. More than a photoshoot, this issue acts as a visual manifesto—an exploration of… Read more: Breaking Boundaries: ifeye × KITTO Taiwan Redefine Visual Storytelling in the January 2026 Pictorial — A Fusion of Innovation & Identity
- Xiaoting in Full Bloom: Kep1er’s Shining Star Redefines Power, Grace, and Global Glamour in Wonderland China’s January 2026 Cover StoryPhoto Credits: KLAP ENTERTAINMENT Kep1er’s Xiaoting Captures the Moment Kep1er’s Shen Xiaoting steps into 2026 as a muse of modern elegance, fronting the January 2026 Wonderland China cover with an aura that’s both futuristic and fiercely grounded. As one of the brightest stars of her generation, Xiaoting embodies the balance between aspiration and artistry that defines global pop’s next chapter. “Confidence is not just… Read more: Xiaoting in Full Bloom: Kep1er’s Shining Star Redefines Power, Grace, and Global Glamour in Wonderland China’s January 2026 Cover Story
- BTS’s V Radiates Timeless Charisma in GQ Korea x Cartier’s February 2026 Cover: A Monument to Modern Elegance and Emotional PrecisionPhoto Credits: GQ Korea – Cartier – BigHit Music. – BTS V x Cartier: The Sound of Stillness and Strength For GQ Korea’s February 2026 issue, the cover unfolds like a cinematic confession. BTS’s V (Kim Taehyung)—known for his magnetic duality of mystery and warmth—joins forces with Cartier, the house synonymous with precision, artistry, and legacy. Together, they create a visual symphony that celebrates… Read more: BTS’s V Radiates Timeless Charisma in GQ Korea x Cartier’s February 2026 Cover: A Monument to Modern Elegance and Emotional Precision
Learn People & History of Korea
- The Evolution of Busan: A Historical Journey Through South Korea’s Second Largest Metropolitan CityAncient Beginnings: The Founding of Busan Busan, known as the second largest metropolitan city in South Korea, has a rich history that dates back to ancient times. The earliest recorded existence of Busan can be traced to the Goryeo Dynasty, where it was referenced as a vital coastal settlement. Its strategic location along the southeastern coast of the Korean Peninsula… Read more: The Evolution of Busan: A Historical Journey Through South Korea’s Second Largest Metropolitan City
- The Evolution of Pyongyang: A Journey Through History, Economy, and Political DynamicsIntroduction to Pyongyang Pyongyang, the capital city of North Korea, serves as a prominent symbol of the nation’s history and culture. Geographically located on the banks of the Taedong River, in the southwest part of the country, Pyongyang is situated within a strategic area that has historically facilitated trade and cultural exchange. The city’s origins can be traced back to… Read more: The Evolution of Pyongyang: A Journey Through History, Economy, and Political Dynamics
- The Evolution of Seoul: From Ancient Korea to Modern Metropolis and BeyondAncient Beginnings: The Founding of Seoul The city of Seoul, known today as the vibrant capital of South Korea, has ancient roots that trace back to the Three Kingdoms period of Korea, specifically the kingdoms of Baekje and Silla. Evidence suggests that Seoul was originally established as a settlement given its strategic geographical advantages. Nestled within the Han River basin,… Read more: The Evolution of Seoul: From Ancient Korea to Modern Metropolis and Beyond
- Exploring Korean Traditional Games in Squid Game: From Season 2 to Upcoming Season 3Introduction to Korean Traditional Games Korean traditional games have long been an integral part of the country’s cultural landscape, offering more than mere entertainment. These games, which range from simple children’s pastimes to complex community activities, hold significant cultural significance and often serve as a means of preserving history and promoting social interaction. Rooted in centuries of tradition, these games… Read more: Exploring Korean Traditional Games in Squid Game: From Season 2 to Upcoming Season 3
- Unveiling the Past and Present of Saju: The Art of Korean Fortune TellingIntroduction to Saju Saju, a traditional Korean fortune-telling practice, is an intricate art that seeks to interpret an individual’s fate based on their birth date and time. The term “Saju” translates to “four pillars” in English, referring to the four critical components derived from these time markers: year, month, day, and hour. This method holds significant cultural value within South… Read more: Unveiling the Past and Present of Saju: The Art of Korean Fortune Telling
