Financial Supervisory Service Holds Meeting with Financial Companies' CCOs and Consumer Finance Representatives "Expecting Spread of Positive Influence"

Kim Mi-young, Director of Financial Consumer Protection Division
Listening to Difficulties and Suggestions on Financial Crimes Affecting People's Livelihood

Financial Supervisory Service, Yeouido, Seoul. Photo by Younghan Heo younghan@

Kim Mi-young, Director of the Financial Consumer Protection Department at the Financial Supervisory Service (FSS), stated on the 15th, "We expect that the individual financial companies' (Min-saeng Finance) support projects will serve as a catalyst, spreading positive influence throughout the financial sector."

On the same day, Director Kim held a meeting titled "Min-saeng Finance Stories with Financial Consumers" with chief customer officers (CCOs) from eight financial companies including Woori Bank, NongHyup Bank, Industrial Bank of Korea, Busan Bank, Hanwha Life Insurance, non-life insurance companies, Shinhan Card, and Welcome Savings Bank, as well as financial consumer panels.

Director Kim explained, "The social demand for eradicating predatory financial crimes is greater than ever. The FSS has established an integrated response system to tackle financial crimes infringing on people's livelihoods through organizational restructuring."

She added, "We are also strengthening cooperation with government ministries by actively participating in the government-wide task forces (TF) for voice phishing response and illegal private loan eradication."

Director Kim emphasized, "To eradicate financial crimes, strict crackdowns by investigative agencies and preventive systems in the financial and telecommunications sectors are important, but it is crucial for the public to remain vigilant so they do not fall into financial crime traps or become involved in crimes."

The FSS plans to continue promoting awareness and education in collaboration with the government, related organizations, and the financial sector.

At the meeting, the financial sector explained support measures such as voice phishing insurance enrollment linked to victim prevention education and financial support for victims of financial fraud.

The financial consumer panels attending the meeting suggested various measures for preventing financial crime damage, supporting victims, and providing financial education to vulnerable groups.

They requested consideration of ▲utilizing voice phishing insurance to recover financial losses for vulnerable groups such as university students and the elderly ▲providing financial education opportunities for marriage immigrants and the elderly ▲preventing and supporting victims of celebrity impersonation investment scams ▲attention to financially vulnerable groups ▲prevention and promotion against insurance fraud offenders ▲and alleviating difficulties faced by self-employed individuals.

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