South Korean bank breach victims push for class-action compensation

A series of personal data breaches at three of South Korea's largest lenders—Shinhan Bank, KB Kookmin Bank and Hana Bank—have affected roughly 25,000, 119 and 89 customers respectively, revealing sensitive personal and financial information. Experts warn that the combination of identifiers and income data makes victims especially prone to AI-enhanced phishing attacks. While the banks have pledged full reimbursement for losses directly linked to the leaks, they have not set clear criteria for qualifying claims, prompting affected customers to organize on a Naver forum and enlist Sedam Law for a class-action suit.

The proposed lawsuit will rely on the Personal Information Protection Act, seeking damages of 100,000 to 300,000 won per plaintiff. Industry officials note that establishing a uniform compensation framework will likely require cooperation between regulators and the banking sector.