SEOUL, March 8 (Korea Bizwire) — Major South Korean lender Shinhan Bank said Monday it will introduce artificial intelligence (AI)-based automated teller machines (ATMs) that detect abnormal activities to prevent voice phishing. The new ATMs detect a user’s suspicious activities, such as talking on their cell phone while using the machine or wearing sunglasses or [...]
SEOUL, Nov. 25 (Korea Bizwire) — Along with the growth of non-face-to-face financial transactions resulting from the COVID-19 pandemic, bank branches are disappearing at a rapid pace in South Korea. Against this backdrop, there is concern that this development could make banking significantly more inconvenient for elderly people, many of whom are not familiar with [...]
SEOUL, May 26 (Korea Bizwire) — South Korea’s credit card companies are cutting overseas automated teller machine (ATM) withdrawal limits as part of their risk management efforts. The nation’s largest credit card company, Shinhan Card Co., announced on Tuesday that it will reduce per-client overseas ATM withdrawal limits to US$50,000 per month starting from next [...]
SEOUL, Nov. 11 (Korea Bizwire) — Scenes of people remitting money at bank windows are becoming a relic of the past in South Korea. Excluding mobile banking, the classic types of non-face-to-face transactions such as Internet banking, telebanking and automated teller machine (ATM), are also losing popularity across most age groups. Only elderly people older [...]
SEOUL, Oct. 2 (Korea Bizwire) — The number of automated teller machines (ATMs) installed across South Korea has been shrinking over the past five years. The Financial Services Commission reported that the number of ATMs used by 15 commercial banks shrank by 8,193 machines over five years, standing at 35,208 machines as of July this [...]
SEOUL, May 12 (Korea Bizwire) — Convenience store franchise CU said Monday it has introduced a service at stores nationwide that allows customers to withdraw cash while making a purchase. Customers who pay with a credit card while purchasing goods at one of CU’s stores can also ask to withdraw cash at the same time. [...]
SEOUL, Nov. 15 (Korea Bizwire) — A non-profit financial organization has introduced a new service to analyze the usage of ATMs across a number of regions. The Korea Financial Telecommunications and Clearings Institute (KFTC) will begin testing the cash dispensers (CD) and automated teller machines (ATM) operational effectiveness diagnostic services jointly with the banking sector [...]
HOUSTON, May 29 (Korea Bizwire) — Visa and Allpoint Network have partnered to make it easier for travelers visiting the United States from Southeast Asia to access their money without paying ATM fees. Under terms of the agreement, enrolled cardholders traveling with Visa travel prepaid cards and debit cards from select financial institutions will enjoy [...]
SEOUL, Oct. 25 (Korea Bizwire) – Suhyup Bank announced yesterday that it was adopting a new service that allows customers to access their bank accounts via ATM by merely having the machines scan the veins in their palms. The banking service dubbed “Hands Up banking” is possible when customers are verified simply by presenting their [...]
Santa Clara, Calif., Aug. 17 (Korea Bizwire) — US mainstream media is reporting on a FBI warning to banks of an impending cybercrime wave targeting ATMs in which thieves seek to steal millions of dollars by using cloned cards for fraudulent withdrawals. Ondot, the global leader in mobile payments services, provides consumers a simple protection [...]