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.
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