According to regulationasia.com, starting 6 July 2021, the amended Depositor Protection Act will authorise the Korea Deposit Insurance Corporation (KDIC) to legally assist with the possible reversal of fund transfers mistakenly remitted into accounts of financial institutions and mobile payment services.
For a transaction to be considered for reversal and possible refund, the affected party would be required to provide the KDIC with the recipient’s identifiers such as name and ID number. However, erroneous transfers made via a mobile phone number or social media without traceable identifiers will have limited assistance.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.