Agencies will build a joint response system to eradicate illegal financial information and illegal financial activities online.
The heads of the Financial Supervisory Service, the Korea Communications Commission, and the Korea Communications Standards Commission signed a "business agreement to eradicate illegal financial information and create a safe digital financial environment" on the morning of the 19th at the Government Complex Gwacheon.
As illegal financial activities online surged and emerged as a social problem, agencies in charge of monitoring and investigation, review and blocking, and policy functions are building a cooperative system.
Under the agreement, the three agencies will support the expansion of self-regulation by internet platforms. They will also strengthen inter-agency cooperation to advance the system for blocking illegal financial information, and jointly promote prevention and response guidelines for illegal private lending damage.
They decided to jointly respond to illegal activities by "finfluencers," who are expanding their influence by riding gains and volatility in stock prices. A finfluencer is someone who provides financial content such as stocks and virtual assets and influences investors' decisions. Recently, the influence of finfluencers who provide stock and virtual asset investment information has been growing, centered on social media (SNS) and video platforms.
They will also prepare measures to eradicate problems such as illegal debt collection posts on social media (SNS). In the case of illegal debt collection posts, they have so far been blocked by requesting emergency cooperation from the Korea Internet & Security Agency only for cases detected through complaints and tips. However, relying solely on complaints and tips and the difficulty of blocking when personal information entries are unclear were cited as limitations.
The Financial Supervisory Service (FSS) plans to actively respond by upgrading the current artificial intelligence (AI) illegal information monitoring system as early as August to detect illegal debt collection posts on its own, while the Korea Media and Communications Commission (KMCC) and the Korea Communications Standards Commission block them under a collaboration system.
Lee Chan-jin of the Financial Supervisory Service (FSS) said, "When illegal financial information combines with the online digital environment, the volume of information and speed of dissemination increase rapidly, leading to numerous damages," and said, "We expect this cooperation to be a valuable foundation for eradicating illegal financial information in the online digital environment."