Bithumb introduces video-call verification for customers 80 and older to fight account fraud

South Korean crypto exchange Bithumb has introduced an additional video-call identity verification procedure for customers aged 80 and older, amid a rise in financial crimes targeting the elderly, MT reports. The measure has been in place since April 2026, on top of standard KYC procedures.

How it works

After a new account is registered, or as part of periodic checks on existing customers, Bithumb contacts users aged 80+ via video call with a support agent. If the call can't be connected, the exchange makes up to four attempts; if identity still can't be confirmed, withdrawal and crypto-withdrawal functions are temporarily restricted.

What it has already caught

According to News1, in one recent case, a video call with an 80-year-old customer revealed they had no idea their account had even been created, let alone about the transaction history on it — the exchange immediately restricted the account's activity to protect the assets.

“Since introducing the system in April, we've achieved results in preemptively detecting and blocking at-risk accounts for financial crime.”

— Bithumb representative

Quote source: MT (translated from Korean).

Context

The measure is voluntary, not legally required — the company introduced it in response to a rise in remote financial fraud targeting the elderly, including identity theft, rented accounts, and investment scams. A similar vulnerability — trust in phone and video calls — sits at the heart of the AI scam problem we covered earlier: 77% of people who engage with an AI scam call end up losing money.

This article is for informational purposes only and does not constitute investment advice.