The Transition Committee Discusses Prevention of Illegal Private Loans and Voice Phishing Damage with the Financial Supervisory Service

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[Asia Economy Reporter Bu Aeri] The Presidential Transition Committee announced on the 1st that it held a meeting with the Financial Supervisory Service (FSS) to discuss measures to prevent illegal private loans and voice phishing damages.

On the same day, the Transition Committee received reports on major issues from executives including the FSS's Deputy Director in charge of Planning and Management, with the participation of Choi Sang-mok, secretary of the Economic Division 1, transition committee members Kim So-young and Shin Seong-hwan, as well as experts and working-level officials.

The meeting proceeded with reports in the order of financial market trends, current issues, review of implementation plans to realize the new government's pledges, and additional key tasks in the financial sector.

In particular, the Transition Committee and the FSS exchanged opinions on preventing damages from illegal private loans and voice phishing, which are tasks closely related to citizens' daily lives.

They discussed introducing an artificial intelligence (AI)-based monitoring system to quickly detect and block online illegal private loan advertisements, and making it mandatory for financial companies to establish Fraud Detection Systems (FDS) for abnormal transactions.

Additionally, to address the blind spots in protection for delivery platform workers, they focused on developing low-premium motorcycle insurance products such as delivery time-based insurance.

The Transition Committee also reviewed the FSS's response to recent major financial market risk factors, including the ongoing COVID-19 variants, normalization of monetary policy, and economic sanctions against Russia.

Key topics included supporting digital innovation in the financial sector, improving unreasonable systems and practices in the capital market and establishing transparent market order, revitalizing venture capital to support innovative growth of small and venture companies, and innovating supervision, inspection, and sanction methods to enhance trust in financial supervision.

The transition committee members urged, "As the watchdog of the financial market, the FSS should make every effort to proactively respond to internal and external potential risk factors and protect the public's assets."

They added, "As the institution closest to the financial field, please take a leading role in protecting financial consumers by actively discovering financial sector improvement tasks that meet the public's expectations."

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