[Ki Ha-young's Life Card] Elderly Parents' 'Card Loan' Details Will Be Notified to Children

'Designated Person Notification Service' for Seniors Aged 65 and Over
Implemented from the 7th at Exclusive Card Companies and Dual-Operation Banks
Designated Person Can Be Non-Family Member

Is there anyone these days without at least one credit card? In modern society, anyone who wants can have a card. Credit cards have brought unparalleled convenience to daily life. Now, wherever you go, you can easily see people paying with credit cards or smartphones. As demand has increased, cards with various benefits are being released almost daily. In response, Asia Economy delivers diverse stories related to cards, which are inseparable from our consumer life, through the weekly 'Cards in Daily Life' corner, including introductions of new cards, industry behind-the-scenes, and guides for card beginners.

Last year, the amount lost to voice phishing exceeded 700 billion won, and the financial sector is introducing measures to prevent financial fraud such as voice phishing. In particular, since the elderly have low awareness of damage and reporting rates, making damage relief difficult, the need for system improvement has been pointed out.

The card industry has started a 'Designated Person Notification Service' that informs a designated person such as family members of card loan usage details if the elderly aged 65 or older wish. This is a follow-up measure to the elderly-friendly financial environment creation plan announced in August last year.

Available for those aged 65 or older when issuing a new card face-to-face

This service sends text messages to a designated person such as family members about card loan usage details such as card loans and cash services for individuals aged 65 or older who wish to use it. It has been implemented since the 7th by all card companies and banks with card business, and Citibank plans to provide the service within this month.

Service application is possible when elderly individuals aged 65 or older apply for a new card face-to-face. The designated person can be anyone the elderly want, such as one family member or acquaintance. The card company does not distinguish between members and non-members, and the designated person does not have to be family.

Designated person can be non-family... Service starts after consent

This service can be used after the designated person consents to the collection and use of personal information through the elderly. After the card company approves the card issuance, it sends a text message to the elderly, 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 directly calls the card company, and after agreeing to the collection and use of personal information (name, contact, date of birth, gender) through a recorded call, identity verification is conducted via mobile phone authentication.

Once the designated person consents, the information provided to the elderly immediately upon applying for card loans or cash services is also delivered identically to the designated person. Accordingly, the designated person can quickly confirm whether the elderly have been victims of financial fraud through contact with them.

Plans to expand to existing members and non-face-to-face applications in the future

However, since it is still in the early stages, the Designated Person Notification Service is only available when issuing a new card face-to-face through card solicitors. When an elderly person aged 65 or older who has newly issued a card through face-to-face solicitation applies for the designated person notification service, the service is provided after the designated person's consent. The card industry plans to autonomously expand the service to existing members and non-face-to-face applications in consideration of future usage trends.

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