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Banks frown as South Korea pushes no-fault compensation for voice phishing losses

South Korea's government and ruling party have begun work to legislate a no-fault compensation regime that would make financial firms liable for voice phishing losses even without negligence. A Democratic Party task force and a pan-government task force agreed to speed up legislation after reviewing progress on an Aug. 28 anti-phishing plan. Proposed bills set compensation caps and would require tougher fraud detection measures, while banks caution that costs and liability scope need more discussion.