Toss users were able to keep over ₩5.5 billion safe thanks to Toss Compensation Program.

On July 6th, 2020, Toss launched its Compensation Program, which is first of its kind in the industry. This customer protection policy provides compensation for losses caused by second-hand transaction fraud or voice phishing. Toss ensures that customers are reimbursed for their losses even if Toss is not directly at fault, making it a customer protection policy where Toss takes full responsibility for the compensation.

Toss is the first to start a compensation program out of all the financial institutions and fintech companies in Korea. It is committed to safeguard customers assets at any costs.

Thanks to the Toss Compensation Program, over ₩5.5 billion was returned to more than 13,000 users. The average compensation per user was ₩2.97 million for financial accidents and ₩340,000 for second-hand transaction frauds.

Learn More About the Toss Compensation Program

When you use Toss to send money, it automatically screens for suspicious accounts and transactions. These are the Fraud Suspicion Siren and FDSservices that are implemented to prevent voice phishing, second-hand transaction frauds, and other types of financial accidents.

The Fraud Suspicion Siren automatically screens the recipient’s contact or account number before a users sends money to look up if it’s been reported for fraudulent activities before, and FDS stops illegal transactions.

Both security programs were able to stop over ₩24 billion worth of illegal transactions (voice phishing, identity theft, fraudulent account transfers, etc.). This is equivalent to 6,000 legal cases that financial victims would otherwise have to fund to resolve these issues in court*.