The Financial Supervisory Service and the Broadcasting Media and Communications Deliberation Committee (Bangmi Simwi) are reportedly discussing a fast track for the swift removal of illegal debt collection posts that upload debtors' personal information on social media (SNS). Illegal private lenders conduct consultations via Telegram or open KakaoTalk, and if the debtor fails to repay within the period, they upload the debtor's personal information on SNS.
Currently, the deletion of illegal collection posts operates in a way that, when the FSS receives reports and tips, it requests action from Bangmi Simwi, which then deliberates and removes the posts. However, Bangmi Simwi meets once a week for deliberations, and depending on the situation, it can take more than a month for results. Another problem is that it is difficult to obtain cooperation from SNS platforms headquartered overseas, such as Instagram, X (formerly Twitter), and Threads.
In response, the FSS is discussing moving beyond the method of deleting posts through Bangmi Simwi to directly requesting deletion. It is also discussing establishing a legal basis to have SNS voluntarily censor and remove illegal collection posts.
On the 19th, the FSS signed a "business agreement for eradicating illegal financial information and creating a safe digital financial environment" with Bangmi Simwi. The fast-track discussion appears to be one of the items in the agreement. An FSS official said, "The legal basis for voluntary censorship is currently under discussion, and we also plan to build AI to monitor illegal collection posts 24 hours a day."
A Bangmi Simwi official said, "For now it is only a recommendation, but if the law could compel platform operators to conduct internal monitoring, faster action would be possible."