Suhyup Financial Incidents Exceed 20 Billion Won in Five Years... Affected Accounts Surge to 85 This Year

More than 20 billion won in financial incidents occurred at Suhyup Bank and Suhyup Mutual Finance over the past five years. In particular, the number of accounts affected by financial fraud, including voice phishing, and the amount of losses at Suhyup Bank have surged this year, prompting calls for stronger internal controls.

According to data submitted by the National Federation of Fisheries Cooperatives to Kim Seon-gyo of the People Power Party, a member of the National Assembly’s Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee, a total of 38 financial incidents occurred at Suhyup Bank and Suhyup Mutual Finance from 2021 to 2025, resulting in losses of 20.061 billion won.

Assemblyman Kim cited weak internal controls as the reason financial incidents keep recurring. “The recurrence of large-scale financial incidents shows that the internal control system is effectively failing to do its job,” he said. “We need to move beyond belated, reactive responses after incidents occur and develop proactive measures that fundamentally strengthen management and oversight systems in vulnerable areas.”

At Suhyup Bank, the number of accounts affected by financial fraud, including voice phishing, is also rising rapidly. The number of accounts confirmed as affected rose from one in 2023 to four in 2024 and 36 last year. The total reached 85 through September this year, far exceeding the full-year figure for last year.

The amount of losses also surged. Losses rose from 800,000 won in 2023 to 92 million won in 2024 and 260.6 million won last year, before reaching 928 million won through September this year. No comparison with the same period last year was provided, but losses through September this year were more than 10 times the full-year total for 2024.

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