South Korean banks and Police launch New financial safeguards to protect young people from gambling harms. Editorial Standards Fact-Checked ⊘ Independence Commercial Disclosure GC AI Summary South Korean digital banks Toss Bank and KakaoBank have partnered with the Seoul Metropolitan Police Agency to introduce automated financial safeguards protecting young people from gambling-related harms, including real-time warnings, guardian notifications for users under 17, and outright blocks on transfers to suspicious corporate accounts. The measures come amid growing concern over youth gambling in South Korea, with survey data indicating that 20.9 per cent of Seoul students had witnessed friends gambling, more than double the previous year's figures, and an estimated 157,000 students having personal gambling experience with an average first exposure age of 12.5. Warning pop-ups within the banking apps will include a direct link to the 117 counseling service, where young users can be assessed and referred to specialist treatment programs. Key Takeaways New banking safeguards - Toss Bank and KakaoBank are introducing stringent monitoring tools, warning pop-ups, and transfer restrictions when young customers attempt to send funds to high-risk accounts Guardian notifications and blocks - Customers under 17 proceeding with transfers despite warnings will trigger text message alerts to their guardians, while KakaoBank will actively block suspicious corporate transfers Rising youth exposure - Recent surveys in Seoul revealed that 20.9% of students had seen friends gamble, while the Korea Center on Gambling Problems estimated that 157,000 students have experienced gambling, with an average starting age of 12.5 Integrated support system - Every warning pop-up will include a direct button to the 117 counselling and support service, connecting at-risk youth with professional evaluations and treatment organizations Collaborative leadership - Seoul Metropolitan Police Agency Commissioner Go Beomseok highlighted that the initiative bridges financial transaction monitoring with professional counseling and recovery pathways Fact-checked Sources verified before publication Financial institutions in South Korea are rolling out enhanced security measures to protect young people from gambling-related financial risks. Under a newly established collaborative framework between major digital lenders and South Korea's Seoul Metropolitan Police Agency (SMPA), Toss Bank and KakaoBank are implementing automated safeguards designed to intercept risky peer-to-peer and corporate transfers initiated by minor accounts. When a young customer attempts to transfer money to a flagged high-risk individual or corporate account, Toss Bank will instantly display a cautionary warning. If a customer under the age of 17 chooses to proceed with the transaction despite the alert, the bank will automatically notify their designated guardian via text message. Meanwhile, KakaoBank will outright block transfers directed toward corporate accounts identified as suspicious through its proprietary verification systems. Tailored warnings and direct support links. The financial applications will deploy contextual messaging depending on the transaction risk profile, ranging from notifications that a transfer cannot proceed to alerts highlighting potential financial danger. Users who opt to cancel a transfer will receive an acknowledgment message confirming their decision. Crucially, every warning pop-up will feature an integrated button directing users straight to the 117 counseling and support service. These protective measures arrive amid mounting concern regarding youth gambling vulnerability across South Korea. A comprehensive survey of more than 35,000 students in Seoul indicated that 20.9 per cent of respondents had witnessed friends participating in gambling activities, marking more than double the figures recorded in the previous year. Furthermore, data from the Korea Center on Gambling Problems estimated that approximately 157,000 students, ranging from fourth grade in elementary school through the final year of high school, have personal gambling experience, with the average age of first exposure recorded at just 12.5. Online casino games accounted for 35.8 per cent of reported gambling types, underscoring the severe impact of digital platforms. Law enforcement authorities have also raised alarms regarding secondary offenses, including fraud, theft, and extortion, driven by young individuals seeking funds to support gambling habits. Comprehensive counseling and treatment pathways. Young individuals seeking assistance through the 117 service will undergo an initial interview before being referred to a dedicated School Police Officer. Working alongside professional counselors, the officer will evaluate risk levels utilizing the Canadian Adolescent Gambling Inventory. Depending on the assessment outcome, minors may be directed toward specialized education and treatment programs managed by organizations such as the Korea Center on Gambling Problems and the Internet Addiction Prevention Center, with severe addiction cases referred for clinical hospital treatment. To ensure long-term efficacy, the Seoul Metropolitan Police Agency, KakaoBank, and Toss Bank intend to convene regular coordination meetings to refine inter-bank cooperation and tackle emerging fraud tactics. Seoul Metropolitan Police Agency Commissioner Go Beomseok emphasized the significance of the rollout, stating that the initiative establishes a comprehensive system linking financial transaction intervention directly with counseling, treatment, and recovery. Dimitri is an iGaming expert with nearly a decade of experience and a knack for crafting content that speaks directly to the iGaming crowd. He understands affiliate marketing, player psychology, and search algorithms, which enables him to write engaging, data-driven articles. 1 source verified before publication. This news is an official press release that traces directly to official documents by the South Korea's Seoul Metropolitan Police Agency (SMPA). How Gamblers Connect verify sources · October 29, 2026 Official Body Primary Gamblers Connect only publishes verified news from official government organizations. Read its full editorial standards News by Region

Toss expands facial recognition payments to department stores, cinemas. South Korean fintech introduces smaller payment terminal as Facepay moves beyond convenience stores and explores integration with stablecoins South Korea's Toss is expanding its Facepay facial recognition payment system beyond convenience stores and cafes into department stores and cinemas, while introducing smaller merchant hardware and exploring links between biometric authentication and stablecoin payments. Toss takes Facepay into department stores and cinemas. According to Seoul Economic Daily, Toss recently marked its first-ever Facepay department store deployment by offering a half-price discount on select purchases paid for with Facepay at Hyundai Department Store's Sinchon branch. It has plans to roll out the technology at more stores, and partner with more brands on promotions. Going beyond the retail shopping experience, Digital Today reports that Toss has partnered with cinema chain CJ CGV to launch Facepay facial recognition payment at movie theaters for tickets and concession sales, via the kiosk-mounted Toss FrontCam. New Toss Terminal centralizes functions in a small package. Toss has also introduced the clerk-facing Toss Terminal 2, which reduces the footprint of its predecessor by approximately 40 percent while combining payment processing, receipt printing and sales tracking in a single device. It complements the Toss Front customer-facing biometric terminal and scanner, and the Facepay app, to enable end-to-end face payments, which have taken off in South Korea. Toss explores linking Facepay to stablecoin payments. Toss has also partnered with Gwangju Bank to successfully execute a proof of concept for stablecoin payments using QR codes, mobile banking apps and Toss Place merchant terminals. According to a post from Crypto.news, the payment process allows customers to scan merchant QR codes and transfer stablecoins directly between digital wallets. For now, the pilot only supports QR codes, but further trials are planned, and Toss says it is reviewing how to layer Facepay authentication into the system. The proof of concept is part of a broader effort to bring blockchain-based payments into the Toss ecosystem. According to the Korea Herald, Toss Bank has signed a memorandum of understanding with the Solana Foundation to explore blockchain-based financial infrastructure for cross-border payments. In August, stablecoin issuer Circle Internet Group, Inc. signed an agreement with Toss to explore USDC-based payment services, digital wallets, and programmable payments enabled through blockchain technology. Toss reports a user base equivalent to approximately 60 percent of South Korea's population. As of January 2026, one million people had registered for Facepay. That month, Toss parent Viva Republica submitted Facepay's liveness detection technology for third-party testing against the ISO/IEC 30107-3 presentation attack detection standard through Korea's Telecommunications Technology Association (TTA). Article topics. Latest biometrics news. Oct 14, 2026, 11:11 am EDT Incode is introducing a fraud intelligence-sharing capability based on privacy-preserving data analysis to help its customers identify possible fraud incidents... Oct 14, 2026, 10:57 am EDT By Neily Sanon, Test Analyst Fairness is becoming an increasingly important part of biometric evaluation. For organizations developing, buying or deploying... Oct 14, 2026, 9:13 am EDT Bangladesh wants to establish a unified digital identity framework for businesses as it aims to reduce the time needed to... Oct 14, 2026, 9:10 am EDT A Dutch coalition has developed a digital identity wallet that is both eIDAS 2.0 compliant and a strategic move for... Oct 14, 2026, 9:05 am EDT Benin's National Agency for the Identification of Persons (ANIP) has introduced online renewal of national biometric identity cards, allowing citizens... Oct 13, 2026, 4:12 pm EDT Nevada-based Brivas has filed a claim of patent infringement against Match Group, alleging the dating app maker used its proprietary...