NH NongHyup Bank said March 24 it will provide free enrollment in a “voice phishing compensation insurance” program for 1 million South Koreans age 60 and older, a group it described as especially vulnerable to financial fraud.
Customers can apply at NH NongHyup Bank branches or through the NH All One Bank app. The policy covers up to 70% of direct remittance losses caused by voice phishing or messenger phishing, with a maximum payout of 10 million won.
Bank President Kang Tae-young visited a senior welfare center in Namyangju, Gyeonggi Province, on March 24 and held an on-site enrollment event using a mobile branch. The bank also provided fraud-prevention education for center users.
The bank said the initiative was designed to support financially vulnerable groups in line with the government’s inclusive finance policy direction. It is being jointly promoted by NH NongHyup Bank and the NH Urban-Rural Co-Prosperity National Movement Headquarters to build a practical compensation system.
NH NongHyup Bank said it has strengthened consumer protection, including creating a dedicated financial fraud response unit within its consumer protection division last year and elevating the division’s standing in its internal organization chart from 15th to second, raising the profile of its chief consumer officer.
The bank also operates 24-hour monitoring of suspicious accounts to detect and block transactions believed to be linked to voice phishing, and it said branch staff may halt suspicious transactions during in-person consultations. The amount of losses prevented through these efforts rose from 27.2 billion won at the end of 2023 to 101.0 billion won at the end of 2025, more than tripling.
“As financial fraud damage continues to rise, we hope this compensation insurance will provide real help to victims,” Kang said. “We will continue to expand support to underserved areas by using our nationwide branch network.”
* This article has been translated by AI.
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