[Alpha Biz= Paul Lee] On May 28, financial industry sources reported that a BC Card employee is under investigation for allegedly manipulating internal credit limits to obtain KRW 1.6 billion (approximately USD 1.2 million) in unauthorized cash advances.
The employee, who was responsible for managing credit limit adjustments, is said to have unilaterally increased their cash advance limit, which typically amounts to 40% of a personal credit card’s total limit. By bypassing standard approval protocols, the employee was able to withdraw substantial funds without submitting additional documentation.
Cash advances can be obtained instantly without collateral or paperwork, making it possible to access large sums of money simply by altering system limits. BC Card has since launched an internal investigation into how the credit limit override was executed and is reviewing its oversight mechanisms.
According to the company, KRW 1.1 billion has already been recovered, and efforts are underway to recoup the remaining KRW 500 million.
BC Card stated it is taking the matter seriously and will strengthen internal controls to prevent similar incidents in the future.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
