Fraud-linked bank accounts surge despite regulator's warning

Bank accounts linked to financial fraud in the past three months have nearly doubled from a year earlier, underscoring persistent vulnerabilities despite increased regulatory warnings. Banking industry officials said Friday that efforts to prevent accounts from being used in crimes such as voice phishing and other scams have been intensified, but the number of suspicious accounts continues to rise. According to data from the Financial Supervisory Service (FSS), more than 7,700 accounts across nine major banks — KB Kookmin, Shinhan, Hana, Woori, NH NongHyup, iM Bank, KakaoBank, Kbank and Toss Bank — were linked to financial fraud in the first quarter, compared with 3,784 during the same period last year. Fraud-linked accounts were highest at iM Bank with 1,653, followed by Hana with 1,511, Woori with 1,404 and KakaoBank with 1,017. The surge comes despite heightened warnings over financial scams and intensified government efforts to curb financial crime. Since last year, authorities have been pushing legislation that would introduce a "no-fault liability" rule requiring financial insti

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