The Financial Supervisory Service and the Broadcasting, Media and Communications Deliberation Committee are reportedly discussing a fast track for the swift removal of illegal debt collection posts that upload a debtor's personal details 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 to SNS.
Currently, the removal of illegal collection posts operates in a way where the Financial Supervisory Service (FSS) receives reports and tips, requests action from the Broadcasting, Media and Communications Deliberation Committee, and the posts are deleted after deliberation. However, the committee's deliberations are held once a week, and depending on the situation, it can take more than a month for a result. Another problem is that cooperation is difficult from SNS headquartered overseas, such as Instagram, X (formerly Twitter), and Threads.
In response, the Financial Supervisory Service (FSS) is discussing moving beyond deleting posts through the committee to requesting deletion directly. It is also discussing establishing a legal basis for SNS to voluntarily monitor and delete illegal collection posts.
On the 19th, the Financial Supervisory Service (FSS) signed a "business agreement to eradicate illegal financial information and create a safe digital financial environment" with the Broadcasting, Media and Communications Deliberation Committee. The fast-track discussion appears to be one of the items under the agreement. An FSS official said, "The legal basis for voluntary monitoring is currently under discussion, and we also plan to build AI to monitor illegal collection posts 24 hours a day."
An official at the Broadcasting, Media and Communications Deliberation Committee said, "Currently it is only a recommendation, but if the law could mandate internal monitoring by platform operators, faster action would be possible."
If you are exposed to illegal private lending damage, you can report it to the Financial Supervisory Service (1332) to receive necessary assistance, and if you are struggling due to excessive debt, you can get help from the Korea INclusive Finance Agency (KINFA) (1397) or the Credit Counseling & Recovery Service (CCRS) (1600-5500).
※ Loan contracts with an annual interest rate exceeding 60% are void for both principal and interest.