Woori Bank Increases Voice Phishing Free Insurance Compensation Limit from 3 Million to 10 Million Won

'Voice Phishing Victim Living Stability Fund Loan' Also Launched

[Asia Economy Reporter Yu Je-hoon] Woori Bank announced on the 26th that it will expand the compensation limit for the 'Voice Phishing Compensation Insurance' from the existing 3 million KRW to a maximum of 10 million KRW.

Earlier, in April, Woori Bank was the first in the financial sector to offer free enrollment support for the 'Voice Phishing Compensation Insurance.' This insurance compensates for the financial losses of voice phishing victims, and any Woori Bank customer can easily enroll for free at a nearby branch counter.

Additionally, Woori Bank introduced the 'Voice Phishing Victim Living Stabilization Loan' to assist customers struggling due to voice phishing damage. Customers aged 65 or older and with an annual income of 50 million KRW or less who have suffered voice phishing damage can apply for damage relief and consultation at a nearby branch and receive loans up to 30 million KRW. Furthermore, to reduce the burden on financial fraud victims, Woori Bank offers a cashback of up to 300,000 KRW on the interest amount for the first month after a new loan is issued.

Woori Bank plans to comprehensively support financial consumers by proactively protecting customers' financial assets from voice phishing and alleviating damages. A Woori Bank official stated, "Through the expansion of compensation insurance limits, living stabilization loans for victims, and the implementation of a safe blocking service campaign for credit transactions, we will continuously strengthen financial consumer protection activities in line with financial authorities' policies through comprehensive voice phishing damage prevention and support programs."