Elderly Parents' 'Card Loan' Usage Details Will Also Be Notified to Their Children

'Designated Person Notification Service' for Seniors Aged 65 and Over
Implemented from the 7th at Full-Service Card Companies and Dual-Operation Banks
Citi Bank Scheduled for October

[Asia Economy Reporter Ki Ha-young] A service that notifies designated persons such as family members of card loan usage details for elderly individuals aged 65 and over who wish to receive it will be launched. This is to prevent financial fraud such as voice phishing.

On the 6th, the Korea Federation of Credit Finance Companies announced that as a follow-up measure to the "Plan to Create an Elderly-Friendly Financial Environment" announced last August, it will provide a "designated person notification service" when using card loans and cash services, where financial fraud mainly occurs.

This service sends card loan and cash service usage details via text message to designated persons such as family members for individuals aged 65 and over who wish to receive it. Elderly individuals can apply for this service when issuing a new card face-to-face. It will be implemented from the 7th by all credit card companies and banks with credit card operations, and Citibank plans to provide the service within this month.

The designated person notification service can be used after the designated person consents to the collection and use of personal information through the elderly individual. After the card company approves the card issuance, it sends a text message to the elderly individual, who then forwards it to the designated person.

The scope of information collected from the designated person includes name, contact information, and information for identity verification (date of birth, gender). The designated person makes a direct outgoing call to the card company, and after consenting to the collection and use of personal information (name, contact information, date of birth, gender) via recorded consent, identity verification is conducted through a mobile phone authentication process.

Once the designated person consents, the information provided to the elderly individual immediately upon applying for a card loan or cash service is also delivered identically to the designated person. The designated person can be anyone the elderly individual wishes, such as a family member or acquaintance. It is possible regardless of whether the designated person is a member of the card company or not, and does not have to be a family member.

A representative from the Korea Federation of Credit Finance Companies stated, "The designated person notification service is only available when issuing a new card face-to-face through card solicitors, etc. We plan to consider expanding the service autonomously in the future to existing members and non-face-to-face applications based on usage trends."

This content was produced with the assistance of AI translation services.