SK Telecom hacking incident has led to a surge in demand for SIM card replacements. (Image courtesy of Yonhap)
SEOUL, April 30 (Korea Bizwire) — A recent hacking incident at SK Telecom has triggered a spike in demand for SIM card replacements and mobile number transfers, with some South Korean banks poised to benefit from the unexpected fallout by expanding their budget mobile phone services.
According to banking industry officials on Tuesday, KB Kookmin Bank’s budget mobile brand, “KB Liiv Mobile,” has seen a noticeable increase in new subscribers since news of the hacking breach broke on April 22, 2025.
“Following the hacking incident, we’ve observed a rise in new customers for KB Liiv Mobile,” a KB Kookmin Bank representative said. “While the growth is still modest in absolute terms, we are closely monitoring the trend.”
KB Liiv Mobile currently maintains a stable subscriber base of around 430,000 users.
Woori Bank, which launched its own budget mobile brand “Woori WON Mobile” on April 18, has also reported a surge in customer inquiries. Although it is too early to compare subscriber trends given the brand’s recent debut, officials noted a rise in calls to customer service centers asking about SIM card protection services and number transfer procedures.
Following the SK Telecom hacking incident, demand for USIM replacements has surged, and the number of budget phone subscribers is also expected to increase. On April 29, USIM cards are displayed at a budget phone store in Seoul. (Yonhap)
Major banks have been expanding non-financial services like budget mobile phone offerings in recent years as part of broader efforts to diversify revenue streams beyond traditional interest income.
Many budget phone users are younger customers — particularly teenagers and people in their 20s — who prefer low-cost plans. Banks view these mobile services as a strategic tool to attract and cultivate future customers for their core financial products.
Reflecting this strategy, Woori Bank has lowered the barriers to entry by allowing customers under 18 to self-activate Woori WON Mobile lines remotely, without needing to visit a branch.
As the fallout from SK Telecom’s hacking incident continues to unfold, banks are seizing the opportunity to position themselves in the evolving mobile telecommunications landscape — one SIM card at a time.
Kevin Lee (kevinlee@koreabizwire.com)
