Toss Bank and the Korean National Police are launching community financial fraud prevention efforts that use retired police officers’ investigative experience.

Toss Bank said on May 28 it held the launch ceremony for the first class of “Our Neighborhood Financial Fraud Prevention Officers” together with the police agency’s integrated response unit for telecommunications financial fraud.

The programme is a public-private social contribution project aimed at protecting communities from financial crimes such as voice phishing and investment fraud. It is characterised by the use of the expertise of retired police officers with extensive experience responding to financial fraud.

The first group comprises 28 officers, all retired police with an average of more than 30 years of service. They have worked with units including the Seoul Metropolitan Police Agency’s major crimes investigation division, a dedicated voice phishing team, an intelligent crime investigation team and an international crime investigation division.

Through the project, Toss Bank plans to build a nationwide safety net to prevent financial fraud. Case-based, tailored education and community patrol activities will be conducted so older people and financially vulnerable groups can easily understand complex fraud schemes and respond on their own.

Toss Bank CEO Eun-mi Lee (이은미) said, “Financial fraud is a crime where prevention is more important than anything else.” She added, “We expect the experience of retired police officers who know the field well will be a great help in protecting local residents.”