Toss Partners with Police Agency to Prevent Remittance Crimes... Strengthening the 'Fraud Suspicion Siren'

From This Month, Official Partnership with National Police Agency, Service Enhanced for 18 Million Users
Toss Will Check Fraud Report History for All Remittance Transactions

[Asia Economy Reporter Kim Hyo-jin] Viva Republica, the operator of the mobile financial service Toss, announced on the 2nd that it has strengthened its ‘Suspicious Fraud Siren’ service in collaboration with the National Police Agency to prevent voice phishing and other remittance fraud damages when using its simple remittance service.

From now on, for all remittance transactions within Toss, an automatic inquiry into fraud damage report history will be conducted based on accounts and contact history registered with the National Police Agency.

The service usage method is simple. After entering the transfer amount on Toss’s simple remittance screen and inputting the recipient’s information, it automatically checks whether the recipient’s account or contact corresponds to suspicious fraud transactions. Even if the send button is pressed to remit, if it is identified as a suspicious fraud account or contact, a caution message will appear before the remittance.

Toss explained that this service, which checks suspicious fraud transactions throughout the entire remittance process, is the first of its kind among domestic financial institutions.

Previously, Toss has made efforts to create a service environment where users can use it with peace of mind. In particular, last July, it implemented the ‘Full Customer Damage Responsibility System,’ the first in the financial industry, which proactively compensates customers who suffered voice phishing damages, leading consumer protection. In October, it also launched the ‘Suspicious Fraud Siren’ service using a Fraud Detection System (FDS).

CEO Lee Seung-geon said, “Through the official business partnership with the National Police Agency, Toss has established an environment where users can remit more safely without additional effort,” and added, “We will continue to make various efforts so that the entire nation can use Toss simply and securely.”