NH NongHyup Bank's free voice phishing insurance, launched to support financially vulnerable groups, is approaching 50,000 enrollments just over a month after its debut. The program is being praised as a strong example of inclusive finance, as it protects elderly citizens who have been disproportionately affected by voice phishing scams.
According to the financial industry on the 29th, the free voice phishing insurance that NongHyup Bank began offering on the 24th of last month had recorded 48,102 sign-ups as of the previous day. The figure is expected to surpass 50,000 as early as next week.
The free voice phishing insurance was designed by NH NongHyup Financial Group as part of its inclusive finance initiative. NH NongHyup Bank, NH NongHyup Property & Casualty Insurance, and the NH Urban-Rural Co-Prosperity Movement Headquarters jointly developed the program. It is a distinctive support product not offered by any other financial institution.
The product is structured to benefit those most vulnerable to financial fraud and voice phishing. According to National Police Agency data, people aged 60 and older accounted for more than 30% of all voice phishing victims in the first half of last year. The share of victims aged 50 and above has been rising every year and now exceeds half of all cases.
In response, NH has made the insurance available to anyone aged 60 or older, regardless of whether they hold a NongHyup Bank account. According to the Ministry of the Interior and Safety's resident registration statistics, the population aged 60 and older stood at about 15.11 million as of the end of March. With NongHyup Bank aiming to support 1 million people, the benefit will reach roughly 7% of the eligible population.
The insurance can be applied for at NongHyup Bank branches and through the NH All One Bank app. NongHyup Bank's regional headquarters are actively promoting enrollment in line with the government's and the bank's push to expand inclusive finance. Since the launch, the Incheon, North Gyeongsang, and Daegu headquarters have visited local markets, parks, and senior centers to conduct voice phishing prevention campaigns and guide residents through the free insurance enrollment process.
The product compensates 70% of the actual loss when a customer transfers money directly due to voice phishing or messenger phishing occurring within Korea. The coverage limit is set at up to 10 million won ($7,300) each for voice phishing and messenger phishing. Duplicate compensation is not provided if the customer holds a similar insurance policy.
Enrollment is available until November 30. The insurance term runs for one year, starting on the first day of the month following the application. Claims can be filed within three years from the date of enrollment for any damages incurred during the coverage period.
