Toss Bank Launches 'Safe Compensation System' for Voice Phishing Claims via App

Toss Bank announced on the 15th that it has revamped its system to allow the Safe Compensation Program to be applied for through the app.

The Safe Compensation Program is a policy that compensates customers up to 50 million KRW (up to 500,000 KRW in the case of used goods fraud) if they suffer financial crime damages such as voice phishing or used goods transaction fraud.

Previously, applications could only be submitted via a webpage. Afterwards, applicants had to prepare documents proving the financial fraud damage they suffered and go through multiple rounds of cross-verification with a Toss Bank representative.

However, with this revamp, the procedure has been simplified. Applications and document submissions for the Safe Compensation Program can now be done directly through the Toss app by accessing the All tab and then the Customer Center section. All processes, from application and submission to compensation payment results, can be checked within the Toss Bank app.

Since January this year, the Safe Compensation Program has also applied the 'Non-face-to-face Financial Accident Responsibility Sharing Standard.' This standard is a policy where the Financial Supervisory Service and 19 domestic banks, as the first financial companies, signed an agreement to promote prevention and relief (compensation) of non-face-to-face financial accidents. It autonomously assists in damage recovery based on the proportion of fault between banks and customers.

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