Woori Bank offers preferential loan rates to elderly voice phishing victims

[Photo by MK DB]

South Korea’s Woori Bank is providing interest rate benefits to vulnerable elderly individuals who have been the victims of voice phishing, becoming the first institution in the country’s financial sector to do so. The bank is increasing its efforts to support voice phishing victims, including by offering a free insurance product that compensates them up to 3 million won ($2,196).

Woori Bank announced on Thursday that it is providing financial support to those aged in their 60s and above who have fallen prey to voice phishing by offering preferential deposit and loan interest rates by 1.5 percentage points each from May 2024 onwards.

The support is available to those aged 60 or older with an annual income of 20 million won or less, and who had a loan or regular deposits/savings with Woori Bank at the time of the incident.

The loan interest rate will be reduced by 1.5 percentage points, while the deposit/savings interest rate will be increased by 1.5 percentage points.

Woori Bank also created a dedicated counseling channel for senior citizens in their 70s and older who are vulnerable to voice phishing. For the elderly living alone with an annual income of 20 million won or less, the bank’s staff will directly go on site to assist with police reporting and victim compensation applications.

“We plan to provide substantial support to the recover the damage for vulnerable individuals who are increasingly being victimized by voice phishing scams that threaten individuals and entire households with ruin,” a Woori Bank official said. “We will continue to increase our social responsibility towards consumers of financial products.”