Financial incidents at Suhyup on the rise, losses up tenfold in two years

Concerns have been raised over a string of financial incidents involving billions of won at Suhyup Bank and Suhyup mutual finance.

Data submitted to People Power Party lawmaker Kim Seon-gyo of the National Assembly's Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee by the National Federation of Fisheries Cooperatives showed 38 financial incidents at Suhyup Bank and Suhyup mutual finance over the past five years from 2021 to 2025. Total losses reached 20.06 billion won ($14.9 million).

Particularly notable was a sharp jump in the number of accounts at Suhyup Bank used in or victimized by financial fraud, including voice phishing.

The number of accounts confirmed as victims by Suhyup Bank rose from one in 2023 and four in 2024 to 36 last year, climbing further to 85 as of September this year.

Losses followed a similar trajectory — 800,000 won in 2023, 92 million won in 2024 and 206 million won last year — before surging to 928 million won through September this year, more than 10 times the 2024 figure.

"The recurrence of large-scale financial incidents shows that internal control systems are in effect failing to do their job," Kim said. "We need to take proactive steps to fundamentally strengthen oversight and supervision in vulnerable areas."