[2021 National Audit] Rep. Kim Han-jung: "The Financial Supervisory Service's Accident Prevention System Is Ineffective"

[Asia Economy Reporter Kwangho Lee] On the 6th, Kim Han-jung, a member of the National Assembly's Political Affairs Committee and Special Committee on Budget and Accounts from the Democratic Party of Korea, pointed out the loopholes in the Financial Supervisory Service's (FSS) Personal Information Exposure Accident Prevention System and argued that policy improvements focusing on victim relief rather than desk administration are necessary.

The FSS's Personal Information Exposure Accident Prevention System was introduced in 2003 to prevent others from committing identity theft using personal information exposed due to lost identification cards, etc. When a victim reports to the FSS system, the exposed information is shared with financial companies to prevent identity theft. Subsequently, the current system was established, allowing online registration and cancellation through the Financial Consumer Information Portal (FINE).

Representative Kim explained, "According to the FSS's confirmation, the FSS merely transmits the personal information exposure situation to financial institutions but does not know at all how the financial institutions actually respond and take measures to assist victims."

The integrated call center operated by the FSS was also not very helpful from the victim's perspective. It is difficult to connect calls, and one must go through many steps to access it. Moreover, the fact that the exposure information is not transmitted to 51 financial institutions, including some foreign banks, savings banks, loan companies, and non-life insurance companies, has led to criticism that the system is operated for administrative convenience rather than prioritizing victims.

In response, the FSS stated, "Communication is underway through dedicated lines between associations and financial companies," adding, "The update cycles for the relevant data differ, so some companies cannot reflect the information in real time."

This content was produced with the assistance of AI translation services.