Toss Bank Pays 1.9 Billion Won to Financial Crime Victims Last Year Through 'Safe Compensation Program'

61 Billion Won in Compensation Provided Since Program Launch in November 2021

Toss Bank announced on February 2 that it compensated 2,466 customers who suffered losses last year, paying out a total of 1.902 billion won through its Safe Compensation Program, the first of its kind in the banking sector.

The Safe Compensation Program is a system that reimburses customers for losses incurred from financial incidents such as voice phishing and secondhand transaction scams. Toss Bank explained that since the program's introduction in November 2021, a cumulative total of 8,845 customers have received 6.1 billion won in compensation. In cases of voice phishing, Toss Bank provides compensation of up to 50 million won per incident, and up to 500,000 won per incident for secondhand transaction scams.

Toss Bank has established a system centered on its banking application to support customers in applying for and receiving compensation, making it easier for them to complete the necessary procedures following a financial incident.

In addition to the Safe Compensation Program, Toss Bank stated that it is strengthening its prevention system through artificial intelligence (AI) technology. The 'Fraud Alert Siren' integrates data from the National Police Agency, TheCheat, and Toss Bank itself to provide real-time warnings when a transfer is attempted to an account identified as high-risk.

Furthermore, a machine learning-based 'Fraud Prediction Model' detects suspicious patterns-such as a high concentration of transactions in a short period-even if there is no prior report history, and sends caution notifications. This feature is designed to counter new fraud methods that involve rapidly reusing bank accounts before sufficient report data accumulates.

However, if a customer proceeds with a transfer after receiving a warning from the Fraud Alert Siren about a suspicious account, or if the transaction involves proxy purchases, illegal businesses, or other specific fraud types outside the scope of personal secondhand transactions, compensation may be restricted.

A Toss Bank representative stated, "We will continue to expand the scope of consumer protection by advancing a system of 'prevention and post-incident responsibility' that not only reduces the risk of financial incidents through technology but also responsibly addresses unpredictable damages."

Toss Bank Headquarters, Gangnam-gu, Seoul. Photo by Jinhyung Kang aymsdream@

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