109 Cases of Onnuri Gift Certificate Fraud Fined
Analysis of Suspected Fraudulent Distribution Cases of Onnuri Gift Certificates through the Illegal Distribution Monitoring System
[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (hereinafter referred to as the Ministry) announced on the 12th that it has decided to conduct hearings on suspected fraudulent merchants involved in the Onnuri Gift Certificate distribution and impose administrative sanctions such as fines and franchise cancellations on violating companies.
The Onnuri Gift Certificate started in 2009 with an issuance scale of 20 billion KRW and grew more than 200 times to 4 trillion KRW in 2020 compared to its first year, contributing to the revitalization of traditional market sales. However, due to the nature of the gift certificates, some side effects occurred where fraudulent profits were gained by exploiting differences in discount rates. In response, the Ministry collaborated with the Korea Financial Telecommunications & Clearings Institute in October 2020 to develop a Fraud Distribution Monitoring System (FDS) to track and manage the distribution routes and suspicious transaction signs of paper gift certificates.
Through this, the Ministry discovered 336 suspected distribution cases and plans to impose fines on a total of 109 cases through on-site investigations and hearings conducted by regional Small and Medium Venture Business Offices and the Small Enterprise and Market Service. Additionally, to strengthen fraud distribution management, infrastructure such as the Fraud Distribution Monitoring System, Exchange Agency Management System, high-speed scanners for paper gift certificates, and a reward system for reporting will be continuously distributed and expanded, and a handling guide for the Onnuri Gift Certificate will be produced and distributed.
Hot Picks Today
While Samsung Falters, China Rises: "Chinese DRAM" Turns a Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- "Striking Will Lead to Regret": Hyundai-Kia Employees Speak Out... Uneasy Stares Toward Samsung Union
- Despite Captivating the Nation for Over a Month... "Timmy" the Whale Ultimately Found Dead
- "That? It's Already Stashed" Nightlife Scene Crosses the Line [ChwiYak Nation] ③
Kim Yun-woo, Director of Traditional Market Development at the Ministry, stated, "We will continuously inspect fraudulent distribution where benefits supported by taxpayers’ money for traditional markets are illicitly appropriated by certain individuals, and work with traditional market merchant associations to promote self-regulation efforts such as fraud prevention campaigns."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
