Shinhan Financial Group will work with financial authorities and the National Police Agency to prevent “no-show” scams targeting small merchants. It will provide free insurance to about 150,000 merchants on Shinhan Bank’s delivery app Ttanggyo-yo, paying up to 3 million won if losses occur.

Shinhan Financial said on Monday it will run a month-long joint campaign from Sept. 14 with the Financial Services Commission, Financial Supervisory Service and the National Police Agency to prevent losses from no-show scams and foster a sound transaction culture.

Shinhan EZ General Insurance has launched “No-show Scam Loss Support Compensation Insurance”. Shinhan Financial said it is the first such insurance product in South Korea that covers losses from no-show scams.

Shinhan Bank will provide the insurance free to about 150,000 Ttanggyo-yo merchants. If a merchant agrees to enroll, coverage will last 1 year from the registration date, and support payments of up to 3 million won will be available depending on police investigation results and other factors when losses occur.

Prevention efforts will also run in parallel. It will provide small merchants with guidance on major types of no-show scams, loss cases, prevention rules and response procedures if losses occur, and it will also promote improved transaction practices to users including individuals, public institutions and companies, such as discouraging proxy purchases or requests for advance payments.

The campaign will be conducted through branches of Shinhan Bank, Shinhan Card, Shinhan Investment Corp, Shinhan Life, Jeju Bank and Shinhan Savings Bank, as well as Super SOL and social media.

A Shinhan Financial official said, “We will work with financial authorities and related institutions to create an environment where small merchants can trade with confidence.”