Credit Card Industry Launches 2.5 Billion Won Consumption Coupon Event

Supporting the Recovery of Consumer Sentiment
Prevention and Relief Support for Phishing and Smishing

The Credit Finance Association announced on the 18th that all credit card companies will jointly hold an event with a total prize pool of 2.5 billion won to encourage the use of the 'Livelihood Recovery Consumption Coupon'.

The event is open to citizens who applied for the first round of Livelihood Recovery Consumption Coupons through credit card companies. Those who use up their first-round coupons in full by August 31 will be automatically entered. There will be 10,000 winners of 50,000 won, 100,000 winners of 10,000 won, and 200,000 winners of 5,000 won.

A Credit Finance Association official stated, "Winning coupons from credit card companies can be used at small business merchants just like the consumption coupons, so that the policy's intended effects will continue."

In addition, consumer protection measures will be implemented. Each credit card company will provide convenient services, and various channels will be used to inform customers about fraud prevention measures against scams impersonating the distribution of consumption coupons.

Guidelines for preventing and responding to smishing (text message phishing scams) distributed by the Ministry of the Interior and Safety will be posted on the website and application. When customers call the customer center, a voice phishing (telephone financial fraud) prevention message will be provided. When sending information about the consumption coupon application via text message or other means, a warning will be displayed advising against clicking on internet address (URL) links.

If victims do not receive proper compensation in the event of damage, support will be provided according to each credit card company's internal regulations, including interest exemption and installment payments for long-term card loans (card loans) and short-term card loans (cash advances), as well as deferred payment for credit purchases.

An association official stated, "If consumer damage occurs due to phishing or smishing scams, we will actively support victims by calculating and paying compensation amounts or by providing debt adjustment and other relief measures."