Bithumb announced the implementation of an additional identity verification process using video calls for users aged 80 and above on July 23.
As non-face-to-face financial transactions become more common, the risk of financial crimes targeting the elderly, such as identity theft, account lending, and cryptocurrency investment scams, continues to rise. This is particularly concerning for seniors with limited experience in digital financial services, who are at a higher risk of having their accounts opened or misused by third parties, necessitating careful protective measures.
Since April, Bithumb has been conducting video calls with members aged 80 and older immediately after new registrations or periodic customer verifications to confirm their identity. If the user is verified during the video call and expresses a willingness to use the service, normal transactions can proceed.
Conversely, if it is determined that the account is not being used by the legitimate owner, access is immediately blocked. The company attempts to connect via video call up to four times, and if the call is not answered, withdrawal and transfer functions are temporarily restricted.
Since the introduction of this system, there have been instances where Bithumb proactively restricted transactions after identifying that elderly members were unaware of their account usage or transaction history, effectively preventing potential harm.
A Bithumb representative stated, "While this procedure is not legally mandated, it has been proactively implemented as a safety measure to prevent financial crimes targeting the elderly and to protect member assets."
As non-face-to-face financial transactions become more common, the risk of financial crimes targeting the elderly, such as identity theft, account lending, and cryptocurrency investment scams, continues to rise. This is particularly concerning for seniors with limited experience in digital financial services, who are at a higher risk of having their accounts opened or misused by third parties, necessitating careful protective measures.
Since April, Bithumb has been conducting video calls with members aged 80 and older immediately after new registrations or periodic customer verifications to confirm their identity. If the user is verified during the video call and expresses a willingness to use the service, normal transactions can proceed.
Conversely, if it is determined that the account is not being used by the legitimate owner, access is immediately blocked. The company attempts to connect via video call up to four times, and if the call is not answered, withdrawal and transfer functions are temporarily restricted.
Since the introduction of this system, there have been instances where Bithumb proactively restricted transactions after identifying that elderly members were unaware of their account usage or transaction history, effectively preventing potential harm.
A Bithumb representative stated, "While this procedure is not legally mandated, it has been proactively implemented as a safety measure to prevent financial crimes targeting the elderly and to protect member assets."
* This article has been translated by AI.
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