Shinhan Financial Group Provides No-Show Fraud Insurance to 150,000 Ttaenggyeoyo Merchants

Shinhan Financial Group announced on the 15th that, for one month, it will carry out a "Joint Campaign to Prevent No-Show Fraud and Foster a Sound Trading Culture" together with the financial authorities and the National Police Agency.

At the joint campaign signing ceremony held on the 14th to prevent no-show scam damage and foster a healthy trading culture, officials are posing for a commemorative photo. (From left in the front row) Jushik Ha, Director of FIU System Operation Planning at Financial Services Commission; Jungman Lee, Director of Financial Fraud Response Division at Financial Supervisory Service; Hyunjung Lim, Head of Consumer Protection Division at Shinhan Financial Group; franchise representative; Changbae Oh, Head of Integrated Response Team for Telecommunications Fraud at the National Police Agency; Hyunju Park, Head of Consumer Protection Division at Shinhan Financial Group; Haeyoung Jeong, Executive Director of Anti-Money Laundering Division at Shinhan Bank. Provided by Shinhan Financial Group

In connection with this, Shinhan EZ General Insurance launched on this day Korea's first "No-Show Fraud Damage Support Compensation Insurance." Shinhan Bank will provide this insurance free of charge to approximately 150,000 merchants registered with Ttaenggyeoyo. Merchants who agree to the insurance can receive coverage for one year from the registration date. In the event of no-show fraud, they may receive damage compensation of up to 3 million won depending on the police investigation results, among other factors.

The company will also provide guidance to small business owners on major types of no-show fraud, real-life damage cases, prevention guidelines, and response procedures in case of damage. A publicity campaign will be conducted targeting franchise users, including individuals, public institutions, and companies, to address improper transaction practices such as proxy purchases and requests for advance payment. The group companies plan to post promotional videos, posters, and informational materials through various channels, including business branches and the Super SOL platform.

A Shinhan Financial Group official stated, "Through this campaign, we will strive to prevent no-show fraud among small business owners and spread a sound trading culture." He added, "We will continue collaborating with the financial authorities and related organizations to create an environment in which small business owners can conduct business with peace of mind."

This content was produced with the assistance of AI translation services.