KB Kookmin Bank Expands Support for Jeonse Fraud Victims in Partnership with Ministry of Land and HUG

Support for Out-of-Pocket Fees for Auction and Public Sale Agency Services
Production of Prevention Content, On-Site Counseling Programs Launched

KB Kookmin Bank is increasing its support for young victims of Jeonse rental fraud.

(from left) In-ho Choi, President of Korea Housing & Urban Guarantee Corporation; Itak Kim, First Vice Minister of the Ministry of Land, Infrastructure and Transport; and Kiwon Suh, Executive Vice President of the Management Planning Group at KB Kookmin Bank, are posing for a commemorative photo after completing the "Memorandum of Understanding to Expand Support for Jeonse Fraud Victims and Prevent Damage" held on the 10th at the Seoul Western Branch of Korea Housing & Urban Guarantee Corporation in Yeongdeungpo-gu, Seoul. KB Kookmin Bank

On June 10, KB Kookmin Bank announced that it had signed an "Agreement on Expanding Support for Jeonse Fraud Victims and Preventing Damage" with the Ministry of Land, Infrastructure and Transport and the Korea Housing & Urban Guarantee Corporation (HUG).

Under this agreement, KB Kookmin Bank, together with the Ministry of Land, Infrastructure and Transport and HUG, will provide support to Jeonse fraud victims by covering their out-of-pocket expenses for securing legal enforcement titles (such as security deposit return lawsuits and payment orders) as well as fees for auction and public sale agency services. The three parties will also work together to strengthen the ability of young people to respond to Jeonse fraud by creating prevention content and running on-site counseling and education programs.

Since the first agreement signed in December 2023 with the Ministry of Land, Infrastructure and Transport and HUG, KB Kookmin Bank has continued various relief activities, such as operating specialized financial consultation branches near the HUG Jeonse Damage Support Center. As of this date, the bank has supported recovery in approximately 7,600 Jeonse fraud cases. With this new agreement, an additional 3 billion won has been contributed, increasing the cumulative support from the previous 5 billion won to a total of 8 billion won.

A representative from KB Kookmin Bank stated, "Jeonse fraud is a representative crime that threatens housing stability for young people and ordinary citizens. We will continue to expand our support and prevention efforts for victims, taking the lead in practicing inclusive finance to protect financially vulnerable groups and contribute to housing stability."

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