Toss Provides 2 Billion KRW in Losses Through Compensation Program Last Year

• Toss publishes total compensation and case details in 2024 Compensation Program Annual Report
• 5,381 cases filed in 2024… Preemptive compensation implemented

Viva Republica, the operator of the financial super app “Toss,” announced that its Compensation Program provided 5,381 customers with a total of 2 billion KRW in compensation in 2024.

The Compensation Program is a customer protection initiative under which Toss compensates financial losses preemptively, even if the company is not at fault for the incident. This program, the first of its kind in the industry, covers two main types of cases: second-hand transaction fraud and financial fraud. Second-hand transaction fraud refers to cases arising from transactions of goods facilitated through online second-hand trading platforms. Financial fraud includes monetary losses incurred via Toss due to identity theft or voice phishing by third parties. In both instances, Toss reimburses the victims for the losses preemptively.

Throughout the previous year, 5,381 cases of incidents were reported, with an average of 15 compensations issued daily. The total compensation amount reached approximately 2 billion KRW, with each user receiving an average of 380,000 KRW. 88% of the total compensated amount was issued to second-hand transaction fraud cases, while 12% was issued to financial fraud cases.

In March, for example, one customer received a phone call from someone impersonating a police officer. Claiming it was part of a criminal investigation, the scammer manipulated the customer into transferring and making payments totaling 1.74 million KRW. After reporting the case to Toss Customer Service and submitting the necessary documents, the customer was fully compensated through the Compensation Program. A similar incident occurred in November, where another customer fell victim to fraud while attempting to purchase a fishing rod via an online second-hand trading platform. After transferring 480,000 KRW, the seller disappeared, cutting off all communication. This customer also received full compensation through the program.

The Compensation Program is available to all registered users of Toss. For the first claim only, users can get up to 500,000 KRW of compensation for second-hand transaction fraud, and up to 50 million KRW for financial fraud. To confirm eligibility and initiate the compensation processes, applicants are required to verify their identity and submit required documents as requested by the relevant department.

“In 2024, we focused on providing a safe financial experience for our users,” A Toss representative said. “Moving forward, Toss will continue to offer practical support and prioritize user protection and convenience.”