Toss Bank's "Safe Compensation Program" Provides 5.4 Billion Won in Support for Financial Fraud Recovery

First in Korea to Introduce the Safe Compensation Program
Most Proactive in Implementing Remote Financial Accident Liability-Sharing
Toss Bank Official: "We Will Fulfill Our Role as a More Responsible Bank"

Toss Bank's "Safe Compensation Program" has helped recover more than 5.4 billion won in losses. The Safe Compensation Program, introduced for customers who have suffered financial crimes, was the first of its kind implemented by a domestic bank.

On September 8, Toss Bank announced that it has provided a total of 5.43 billion won in support to help customers recover from financial fraud and secondhand transaction scams. This is the cumulative amount from the program's launch in October 2021 through the end of August this year. Of this, 2.57 billion won was provided for recovery from financial fraud and unauthorized transfers, while 2.86 billion won was allocated to secondhand transaction scam victims. During this period, there were 157 reported cases of financial fraud and 8,057 cases of secondhand transaction scams.

Toss Bank was the first domestic bank to introduce a compensation policy specifically for financial fraud victims, known as the Safe Compensation Program. The bank has provided substantial recovery support for damages caused by voice phishing, messenger phishing, unauthorized transfers, and online secondhand transaction scams.

This initiative has strengthened the bank's active responsibility to protect customers from financial crimes that threaten their daily lives and livelihoods, setting a new industry standard. In particular, the Safe Compensation Program is recognized as the starting point for the remote financial accident liability-sharing system.

Toss Bank has also been the most proactive in implementing the remote financial accident liability-sharing system. This system is an agreement among the Financial Supervisory Service, banks, securities firms, and card companies, in which compensation is paid based on the proportion of fault between the bank and the customer when a financial accident occurs. Toss Bank connects this system with the Safe Compensation Program to help customers recover from losses.

Such achievements were made possible by being the first in the banking sector to build a one-stop process within the bank's app for both the Safe Compensation Program and the remote financial accident liability-sharing system. When customers suffer losses, the entire process from reporting to compensation is handled remotely, enabling victims to receive compensation quickly and securely.

Son Eunju, head of the Financial Fraud Response Team, stated, "As the first bank to introduce the Safe Compensation Program, we have contributed to customer protection by helping recover a cumulative 5.43 billion won in losses. We will continue to enhance prevention measures and fulfill our social responsibility through prompt compensation, so that any Toss Bank customer can use our services with confidence."

Toss Bank customers who have suffered unauthorized transfers to other banks due to financial fraud such as voice phishing, or have been scammed while using domestic online secondhand transaction platforms, can apply for the Safe Compensation Program. If the loss is reported to the Toss Bank customer center within 15 days of occurrence and the required documentation such as police reports is provided, compensation will be paid following the necessary procedures.