Suhyup Bank Launches Open Banking Safe Block Service

Service Available at Branches Nationwide from November 14
Non-Face-to-Face Applications Available in December

Sh Suhyup Bank announced on November 17 that it has launched the 'Open Banking Safe Block Service' to prevent non-face-to-face financial fraud caused by identity theft.

The Open Banking Safe Block Service is a joint initiative implemented across the entire financial sector, including Suhyup Bank, under the supervision of the Financial Supervisory Service and the Korea Financial Telecommunications & Clearings Institute, with the aim of preventing financial fraud resulting from identity theft. This service operates based on the Korea Financial Telecommunications & Clearings Institute's integrated account management system, allowing customers to visit just one financial institution to block all open banking transactions across all financial companies with which they have accounts.

To apply for the service, customers must visit a branch, verify their identity, check the financial institutions where they hold accounts and review the detailed information of those accounts. After selecting the institutions they wish to block, open banking transactions will be blocked not only for existing accounts but also for any new accounts opened at those institutions, thereby preventing financial fraud due to identity theft.

The service has been available at branches nationwide since November 14, and it will also be offered through Suhyup Bank's Partner Bank (non-face-to-face) in December.

A Suhyup Bank representative stated, "Suhyup Bank has consistently focused its efforts on preventing various types of financial accidents that may occur during non-face-to-face financial transactions, and the launch of the Open Banking Safe Block Service is part of that commitment," adding, "We will continue to do our utmost to protect financial consumers in the future."

This content was produced with the assistance of AI translation services.