KakaoBank "Free Financial Safety Insurance for Customers Aged 50 and Over"
Free Insurance Compensation for Voice Phishing and Other Damages Provided to the First 190,000 Applicants
[Asia Economy Reporter Minwoo Lee] KakaoBank is offering free financial safety insurance to 'senior' customers aged 50 and above. This insurance is expected to partially cover damages caused by voice phishing (a method where perpetrators impersonate public institutions or acquaintances to transfer money from the victim's account to the criminal's account), smishing (a method of stealing financial information by making victims access illegal websites via text messages and installing malware), and other similar frauds.
KakaoBank announced on the 15th that starting from the 19th, it will provide this free insurance to the first 190,000 customers on a first-come, first-served basis.
The financial safety insurance offered this time covers up to 5 million KRW per incident without limit on the number of incidents for six months. It compensates for actual financial losses within the coverage limit when victims suffer from non-face-to-face online financial frauds such as voice phishing, smishing, and pharming (a method of stealing financial information by manipulating the victim's PC to lead them to fake websites).
This product is a mobile-only financial insurance product launched by KakaoPay Insurance. Customers can subscribe by clicking 'Receive Free Gift Now' on the financial safety insurance event page within the KakaoBank application, which links to the KakaoPay Insurance page.
KakaoBank has allocated a total of 500 million KRW for insurance purchase costs through this event. The insurance subscription benefit is provided to the first 190,000 customers aged 50 and above who hold KakaoBank deposit and withdrawal accounts.
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A KakaoBank official stated, "We prepared this financial safety insurance event for senior customers who are unfamiliar and uneasy with mobile financial services," adding, "We will continue to expand various social responsibility activities to prevent financial damages."
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