Shinhan Financial Group Co., Ltd. Blocks 'No-Show Fraud'... Provides Insurance to 150,000 'Ttaenggyeoyo' Store Owners

[Financial News] Shinhan Financial Group Co., Ltd. is protecting small business owners from "no-show scams" that impersonate public institutions and corporations. The group is strengthening support for damage prevention by launching the nation's first insurance to compensate for no-show scam losses and providing it free of charge to approximately 150,000 "Ttaenggyeoyo" franchise owners.
On the 15th, Shinhan Financial Group Co., Ltd. announced that it is conducting a joint campaign with the Financial Services Commission (FSC), the Financial Supervisory Service, and the Korean National Police Agency for one month starting from the 14th to prevent damage from no-show fraud and foster a sound trading culture.
This campaign was organized to prevent fraud in advance and promote a sound trading culture, in light of the ongoing damage to small business owners caused by no-show scams impersonating public institutions and companies.
On this day, ShinhanEZ Insurance launched the nation's first "No-Show Fraud Damage Support Compensation Insurance." Shinhan Bank plans to provide this free of charge to approximately 150,000 "Ttaenggyeoyo" merchants to alleviate the financial burden caused by no-show fraud.
If a "Ttaenggyeoyo" franchisee agrees to sign up for insurance, they can receive coverage for one year from the registration date. In the event of a no-show fraud, they can receive damage compensation up to a maximum of 3 million won, depending on the results of the police investigation.
Shinhan Financial Group Co., Ltd. plans to conduct intensive education and promotional activities utilizing various online and offline channels in collaboration with financial authorities and the Korean National Police Agency. It will provide small business owners with information on major types of no-show fraud, damage cases, prevention guidelines, and response procedures in the event of damage. Additionally, it will conduct promotional campaigns targeting merchant users—including individuals, public institutions, and corporations—to improve improper transaction practices, such as demands for proxy purchases or advance payments.
A Shinhan Financial Group Co., Ltd. official stated, "Through this campaign, we will strive to prevent damage from no-show fraud against small business owners and promote a sound trading culture," adding, "We will continue to cooperate with financial authorities and related organizations to create an environment where small business owners can trade with peace of mind."

[email protected] Lee Hyun-jung Reporter