A legal basis will be established to share investigation information on voice phishing perpetrators, mobile phone communication data, bank account information, and more with the Korea Financial Security Institute, and to immediately suspend the accounts and mobile phones under the relevant names. The move follows criticism that the lack of information sharing on voice phishing among investigative agencies, financial companies, and telecom carriers has prevented swift responses to related crimes.
On the 5th, according to political and financial circles, the National Policy Committee decided to submit to a plenary session a revision to the Special Act on the Prevention of Loss Caused by Telecommunications-Based Financial Fraud and Refund for Loss that contains these measures. The committee decided to proceed with an alternative bill by integrating and coordinating the separate revisions proposed by Kang Jun-hyeon of the Democratic Party of Korea and Kim Sang-hun of the People Power Party.
The revision will allow the Financial Services Commission (FSC) to designate the Korea Financial Security Institute as an "information-sharing and analysis agency" and to analyze and share information on telecommunications-based financial fraud. The institute launched the voice phishing information sharing and analysis platform "ASAP," but collaboration has been limited due to the lack of a legal basis to share information from financial companies, telecom carriers, and investigative agencies.
The revision includes a plan to concentrate, share, and use voice phishing-related information collected across finance, telecom, and investigative fields on ASAP to prevent voice phishing crimes and block the spread of damage. It also includes a provision allowing information providers such as investigative agencies or telecom carriers to omit the consent of the parties when providing voice phishing-related information to the Korea Financial Security Institute.
If the revision passes, investigation, financial, and telecom information related to voice phishing will be shared through the Korea Financial Security Institute without the parties' consent. Financial companies will be able to immediately suspend accounts suspected of involvement in crimes based on this information.
Oversight of "budget phones," which are mainly used for voice phishing, is also expected to be strengthened. Voice phishing scammers typically use multiple "burner phones" to commit crimes. However, because budget phone operators have been reluctant to provide information, it has been difficult to accurately identify subscriber data. If the revision passes, such telecom information will be shared immediately, enabling the swift blocking of perpetrators' mobile phones.
As voice phishing information will be concentrated at the Korea Financial Security Institute, a non-profit incorporated association, the Financial Services Commission (FSC) conveyed to the National Policy Committee its intention to overhaul related systems. It is reportedly likely that the institute will be brought under the scope of the Credit Information Act and that the financial authorities will directly sanction it if it is negligent in managing personal information.
Because the bill integrates and coordinates the revisions proposed by lawmakers from both parties, its passage through the National Assembly is expected to proceed smoothly. The financial authorities expect the revision to pass the National Assembly's plenary session within the year.