Chinese-linked AI tool suspected in hacks on South Korean banks exposing customer data
South Korean authorities are investigating cyberattacks on at least seven financial firms, including Shinhan Bank and KB Kookmin Bank, where personal data was exposed. The National Police Agency's cyberterror unit has opened a probe, and traces of ARTEX AI, a China-built tool, were reportedly found, though authorities have not confirmed its use. Customers are now pursuing class actions over compensation, which matters to European banks running similar digital systems.
Bottom line — Shinhan's roughly 25,000 affected customers could claim 75 to 225 euros each (100,000 to 300,000 won) if a collective suit proceeds.
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Shinhan Bank reported the largest breach, affecting around 25,000 customers, according to The Korea Times; Yonhap and asianews.network put the combined exposure across firms at about 66,000 individuals.
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Exposed data includes names, phone numbers, resident registration numbers, annual income and loan limits, which Nord Security's Hwang Sung-ho says could enable highly personalised scams.
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A Seoul law firm, Sedam Law, is recruiting plaintiffs under the Personal Information Protection Act, which the attorney says allows compensation without proof of loss, according to Kyunghyang Shinmun.
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Shinhan CEO Jung Sang-hyuk apologised and pledged full compensation for confirmed losses, but victims say the bank has not defined what counts as a loss, per the Korea JoongAng Daily.
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Police believe many of the 28 IP addresses were used to mask the attackers' location, and are tracing the path through international cooperation, according to Yonhap News Agency.
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Kim Seung-joo of Korea University told CBS radio that AI hacking tools will make attacks easier for non-experts and more frequent.
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The Financial Services Commission is reviewing a requirement for banks to appoint a full-time Chief Information Security Officer, since most currently hold that role concurrently with privacy duties, according to Chosun Ilbo.
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Lawmakers from the opposition People Power Party want the government to investigate whether North Korea was behind the attacks, as reported by IT Security News.