“Preventing Youth Online Gambling” ... KakaoBank Corp and Toss Bank Join Forces with Seoul Metropolitan Police Agency

[Financial News] KakaoBank Corp and Toss Bank will use police information on accounts suspected of gambling to help prevent online gambling among teenagers. They will strengthen safeguards during money transfers, including warnings, transaction confirmations and transfer limits, and establish a guidance system connecting young people with counseling and recovery support. 
According to the financial industry on the 30th, KakaoBank Corp and Toss Bank signed an agreement on the 29th at the Seoul Metropolitan Police Agency headquarters in Jongno District, Seoul, to prevent online gambling among teenagers and create a safer digital financial environment. 
The agreement aims to prevent the risk of online gambling among teenagers at an early stage and strengthen preventive and protective measures during financial transactions. The three institutions will work together to share information on accounts suspected of gambling, provide prevention guidance through their apps, and connect young people with counseling and recovery support.
KakaoBank Corp and Toss Bank plan to manage information on accounts suspected of gambling, shared by the Seoul Metropolitan Police Agency, in accordance with relevant laws and their internal standards, and to strengthen measures to prevent gambling transactions by using their own risk management systems and other tools. Warnings, transaction confirmations and transfer limits will help teenagers recognize the risks of gambling during transactions.
They will also introduce a feature to connect teenagers who need help with counseling and protection services. They plan to provide information on school violence prevention education, the dedicated phone number for phone and text counseling, “117,” support from School Police Officers (SPOs), and treatment and recovery programs offered by specialized institutions.
“Since online gambling among teenagers can lead directly to financial harm and crime, early prevention and appropriate support are important,” said Yun Ho-young, CEO of KakaoBank Corp. “We will continue our efforts to prevent and protect young people, working closely with the Seoul Metropolitan Police Agency and Toss Bank so they can experience an even safer digital financial environment.” 
“Since 2.03 million underage customers use Toss Bank for their financial needs, we will approach the task of protecting young people from the dangers of gambling with a sense of responsibility,” said Lee Eun-mi, CEO of Toss Bank. “With this agreement as a starting point, police and banks will join forces, and we will fulfill our role as a bank so that young people at risk can get the help they need.”

[email protected] Lee Hyun-jung Reporter