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South Korean banks lost $400 million to financial fraud in 10 years
🇰🇷 South Korea /Crime & Justice

South Korean banks lost $400 million to financial fraud in 10 years

From Chosun Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Official statement Context piece
  • South Korean banks recorded approximately 550 billion won in financial fraud over the past decade.
  • Loan fraud accounted for half of the total financial incidents reported between 2017 and July of this year.
  • The data, compiled from the Financial Supervisory Service, shows 281 financial accidents across four major banks during this period.

Major South Korean banks have seen financial fraud totaling nearly 550 billion won (approximately $400 million USD) over the last ten years, according to data released by a ruling party lawmaker. The figures, obtained by Rep. Park Sung-hoon from the Financial Supervisory Service, reveal a significant scale of financial misconduct impacting the country's banking sector.

From 2017 to July of this year, a total of 281 financial incidents were recorded across four of the nation's largest banks: KB Kookmin, Shinhan, Hana, and Woori, along with NH Nonghyup Bank. The cumulative amount lost to these incidents reached 549.52 billion won.

Loan fraud emerged as a particularly pervasive issue, constituting roughly half of all financial accidents during the specified period. While the report details the total financial losses, further breakdown by year highlights the ongoing nature of these fraudulent activities within the banking system.

DistantNews Editorial

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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