Elderly people gathering at Tapgol Park in central Seoul to spend their free time. (Yonhap)
SEOUL, Aug. 31 (Korea Bizwire) — A specially designed credit card to prevent seniors from falling victim to various kinds of financial fraud by notifying family members or other designated guardians when the card is used to pay large sums of money will soon be available, the South Korea’s financial regulator said Sunday.
The Financial Services Commission (FSC) announced plans to prevent financial fraud against seniors, and ensure that seniors fully enjoy various financial benefits.
Authorities first aim to develop a number of financial plans tailored to the needs of seniors, including supplemental health insurance policies that take into consideration the health requirements of seniors.
Similar programs currently available in the market require insurance holders to walk more than 10,000 steps to win discount benefits, which is seen as too much for seniors to achieve.
As an alternative, authorities will look into the possibility of developing new insurance programs that offer the same discount benefits when subscribers walk 7,000 steps.
The so-called ‘Guardianship Support Trust,’ a financial management service for patients with dementia, will also be made available.
The trust uses funds pre-deposited when the patient was still healthy for various medical expenses when the patient’s symptoms worsen to the point where they require guardianship.
A mobile app for seniors will also be developed where the fonts are larger, and only essential functions are included for simple use.
Authorities will introduce mechanisms to prevent seniors from falling victim to financial fraud perpetrated by close acquaintances by coming up with a basis to report any suspicious case of financial fraud against seniors to the FSC and the police.
Ashley Song (ashley@koreabizwire.com)
