Shinhan Bank is strengthening protection for older financial consumers as financial fraud schemes such as voice phishing and messenger phishing become more varied.
Shinhan Bank said on Wednesday it will provide basic pension recipients with benefits under its "Shinhan Financial Security Free Insurance". Applications can be made on Shinhan SOL Bank until Dec. 31, and coverage lasts for 1 year after enrollment.
Coverage includes costs incurred during the process of recovering mistaken transfers and compensation for losses from telecommunications-based financial fraud. The mistaken transfer recovery cost benefit is capped at 3 million won, and phishing, pharming and smishing-related hacking losses are covered up to 10 million won.
The company plans to use the free insurance support to strengthen the financial safety net for customers who have difficulty using digital finance or are vulnerable to financial fraud.
A Shinhan Bank official said basic pension recipients will be able to get help even in unexpected financial incidents and that the bank will continue providing practical support for financially vulnerable groups.
Ji-young Lee
ljy@d-today.co.kr