Kakao Bank launches 'stealth account' visible only at times, places set by customer

Kakao Bank will launch a "stealth account" on Monday that customers can view only at times or locations they designate. The account cannot be looked up through other banks or fintech apps, and even within the Kakao Bank app it remains hidden unless the customer's preset conditions are met.

The stealth account is a demand deposit product open to customers aged 19 and older, carrying a base annual interest rate of 1.19 percent. Lookups via open banking, MyData and Account Info services are blocked. Within the Kakao Bank app, the account cannot be linked to other products such as savings, loans, cards or investment products, and debit card issuance and ATM withdrawals are not supported.

Customers can designate up to three locations — such as home or work — using GPS. Once a location condition is set, the account is visible only when the customer is within 100 meters of a designated spot. Viewing hours can be configured in 30-minute increments. If a customer sets home as the designated location, for example, the stealth account will not appear in the account list when they open the Kakao Bank app while away from home.

Kakao Bank said the feature is designed to reduce the risk of account exposure when a third party attempts to access account information through financial fraud. The bank has also filed a patent covering the technology that controls account visibility based on the customer's set times and locations.

"This is a new type of deposit product designed like a safe, allowing customers to check their account only in situations they choose," Kakao Bank said.