Kakao Bank, Toss Bank and Seoul police team up to combat youth cyber gambling

Suspected gambling accounts to be flagged and shared

In-app alerts to warn users of risky transactions

Counseling and specialist referrals also covered

From left: Kakao Bank CEO Yun Ho-young, Seoul Metropolitan Police Agency Commissioner Ko Beom-seok and Toss Bank CEO Lee Eun-mi. [Kakao Bank]

Kakao Bank and Toss Bank are joining forces with the Seoul Metropolitan Police Agency to prevent youth cyber gambling, using information on suspected gambling accounts shared by police to strengthen safeguards such as transaction warnings and transfer restrictions, while also linking at-risk users to counseling and recovery services.

The two banks signed an MOU with the Seoul Metropolitan Police Agency on Thursday at the agency's headquarters in Jongno-gu, Seoul. The agreement, titled "MOU for the Prevention of Youth Cyber Gambling and the Creation of a Safe Digital Financial Environment," commits the three parties to sharing suspected gambling account data, providing in-app prevention guidance and connecting users to counseling and recovery support.

The banks plan to manage suspected gambling account information received from the Seoul Metropolitan Police Agency in accordance with relevant laws and internal standards, strengthening preventive measures through their own risk-management systems. During transactions, the banks will deploy warnings, transaction reconfirmation steps and transfer restrictions to help young users recognize gambling risks and avoid harm.

Both apps will also add a feature directing youth who need help to support services — including the counseling hotline 117, school resource officers and specialist rehabilitation programs. The aim is to turn the financial apps that young people use daily into a channel through which they can learn about gambling risks and seek assistance.

The two banks will also take part in the operational analysis and promotion of the Seoul Metropolitan Police Agency's broader youth cyber gambling prevention initiatives.

"Cyber gambling among young people can lead directly to financial harm and criminal activity, making early prevention and timely support critical," Kakao Bank CEO Yun Ho-young said. "We will continue working closely with the Seoul Metropolitan Police Agency and Toss Bank to ensure young people experience a safer digital financial environment."

forest@heraldcorp.com