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No signs of fraudulent authentication detected in connection to SKT breach, financial authorities say

Published: 30 Apr. 2025, 14:38

Ryu Young-sang, chief executive officer of SK Telecom, answers questions from lawmakers at a meeting at the National Assembly in Yeouido, western Seoul, on April 30. [NEWS1]

No signs of fraudulent authentication have been detected in the financial sector in connection with the recent SK Telecom subscriber identity module (SIM) data breach, financial authorities said Wednesday.

To prevent secondary damage, financial authorities announced they would establish an emergency response task force and strengthen monitoring efforts across the financial industry with daily inspection cycles.

The announcement came after a meeting chaired by Financial Services Commission (FSC) Standing Commissioner Kwon Dae-young, attended by officials from the Financial Supervisory Service (FSS), the Financial Security Institute, the Korea Credit Information Services, the Korea Financial Telecommunications and Clearings Institute, and representatives from major financial associations.

No abnormal activity related to fraudulent authentication has been detected, participants in the meeting said, adding that each institution has implemented security measures to prevent such incidents.

Participants also agreed that reinforcing financial firms' fraud detection systems (FDS) and ensuring swift information-sharing in case of suspicious activity are critical to mitigating potential risks.

The meeting also presented countermeasures. As part of the countermeasures, the FSC will set up an emergency response headquarters to coordinate efforts and build a rapid communication system. Daily updates on developments and risk assessments will be conducted across the financial sector.

Following the SK Telecom subscriber identity module (SIM) data breach, users of the carrier's service are seen lining up in front of a SK Telecom service branch in Seoul to change their SIMs on April 29. [YONHAP]

Authorities also plan to strengthen real-time security checks at key financial infrastructure organizations such as the Korea Financial Telecommunications and Clearings Institute and the Korea Credit Information Services.

“Should the SK Telecom hacking incident evolve into a financial security breach, it could lead to severe consequences and trigger public anxiety,” Kwon said, urging participants in the meeting to pay “extra attention to ensure that vulnerable groups such as the elderly are not left behind in the response.”

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY YEOM JI-HYEON [[email protected]]