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Toss Bank. (Photo courtesy of Toss Bank) |
[Alpha Biz= Paul Lee] Toss Bank, one of South Korea’s internet-only banks, has confirmed that a finance team leader embezzled KRW 2.786 billion (approx. USD 2 million) in company funds. Authorities have launched a full-scale investigation.
According to financial industry sources and the police on June 20, the employee, referred to as Mr. A, transferred funds from Toss Bank’s corporate account to his personal account on two separate occasions—May 30 and June 13. He allegedly abused his authority by coercing access credentials from other team members and using them to carry out the transfers.
Toss Bank discovered the unauthorized transactions on June 14 and attempted to locate the employee. Mr. A was later found dead. The bank immediately reported the incident to financial regulators, and police are currently investigating.
Authorities are examining Mr. A’s financial transactions and digital activity to determine how the stolen funds were used and to uncover the motive behind the embezzlement. The investigation is also looking into the possibility of internal collusion.
Toss Bank stated, “The employee acted independently in abusing his access privileges. We deeply regret this incident and extend our apologies.” The bank emphasized that no customer assets were affected and that it is cooperating fully with regulators and law enforcement to recover the misappropriated funds.
“We will conduct a comprehensive review of our internal systems and processes to prevent recurrence,” the bank added.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
