FSC to help people retrieve mistaken bank transfersThe financial regulator said Tuesday it will help people retrieve money mistakenly sent to wrong bank accounts.
The move came as the number of erroneous transactions has been on the rise with more people using their smartphones for money transfers.
If a person sends money to the wrong account it can be difficult to get it back because the person has to file a lawsuit against the holder of the account the money was sent to.
In a statement, the Financial Services Commission (FSC) said state-run Korea Deposit Insurance Corporation will buy claims of mistakenly transferred money and file legal action on behalf of those that have sent money to wrong accounts.
If successful, people could retrieve about 80 percent of the money that has been mistakenly transferred, according to the FSC.
A law should be amended to allow Korea Deposit Insurance to carry out the proposed task, FSC said.