Misdirected Money Transfers in Korea

Sangjae Lee () and Jeongeun Park ()
Additional contact information
Sangjae Lee: Korea Deposit Insurance Corporation
Jeongeun Park: Korea Deposit Insurance Corporation

No 12, IADI Fintech Briefs from International Association of Deposit Insurers

Abstract: Korea's fintech market is expanding with the rise in non-face-to-face financial transactions triggered by the development of mobile banking along with the COVID-19 pandemic. This Brief discusses the risk of misdirected money transfers and recent legislative changes in Korea mandating the Korea Deposit Insurance Corporation (KDIC) to assist in recovering such misdirected payments. Within the new scheme for supporting the recovery of misdirected payments, KDIC will have the powers to upon request by the payment sender, subrogate into its claim and in lieu of the latter attempt to collect the money through a payment order issued by the court. Upon recovery of the misdirected payment, the KDIC will pay out the amount to the sender after deducting relevant expenses incurred in making notifications and managing the Scheme.

Keywords: deposit insurance; bank resolution (search for similar items in EconPapers)
JEL-codes: G21 G33 (search for similar items in EconPapers)
Date: 2022-11
New Economics Papers: this item is included in nep-ban, nep-mon and nep-pay
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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