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Finance

Shinhan Bank to provide free financial security insurance to basic pension recipients

Shinhan Bank will offer basic pension recipients a free financial security insurance benefit as it steps up protection for older financial consumers amid increasingly varied fraud schemes such as voice phishing and messenger phishing. Applications are available on Shinhan SOL Bank through Dec. 31, with coverage lasting one year after enrollment. The policy covers costs incurred in recovering mistaken transfers and compensation for telecom-based financial fraud. Limits are 3 million won and 10 million won.

AI & Enterprise

Tving hack also leaks \'digital resident number\', raising fears of secondary harm

A data breach at South Korean streaming platform Tving has expanded fears of secondary harm after linked information (CI) was included among leaked items. An unidentified hacker allegedly gained unauthorised access to Tving’s user database and sent customer data outside the company. Authorities including the Ministry of Science and ICT, KISA and the Personal Information Protection Commission have launched investigations, while experts warn CI can enable identity theft when combined with other personal details.

Telecommunications & Media

South Korea to press ahead with facial authentication for mobile phone activation, distributors still burdened

South Korea is set to introduce facial authentication for mobile phone activations in July, a month away, but market unease remains. The Ministry of Science and ICT extended pilot operations to June 30 after industry pushback and has tested alternative methods such as PIN verification in a mobile ID app, video calls and fingerprint or iris checks. The National Human Rights Commission and the Personal Information Protection Commission have urged improvements, while distributors warn of delays, complaints and unclear accountability.