FSS Expands T-Mef Inspection Team... "Securing Product Delivery Electronic Data"

by Choi Youngchan

Published 29 Jul.2024 19:02(KST)

Consumer Refunds Expected to Become Faster

The Financial Supervisory Service (FSS) is expanding the inspection team related to TMON and WEMAKEPRICE (Timep) to support the payment cancellation procedures of credit card companies and payment gateway (PG) companies.

Lee Bok-hyun, Governor of the Financial Supervisory Service, is responding to questions regarding the unsettled payment issue of TMON and WEMAKEPRICE at the full meeting of the Political Affairs Committee held at the National Assembly on the morning of the 25th.
[Photo by Yonhap News]

On the 29th, the FSS announced, "We are adding experts in fund tracing to the current inspection team and plan to organize and operate a separate inspection team of six members starting from the 30th to quickly handle the payment cancellation procedures of credit card companies and PG companies by securing and analyzing computerized data related to the delivery of TMON and WEMAKEPRICE products."

The separate inspection team will be dispatched at 9 a.m. on the 30th to the headquarters of Qoo10 Technology located in Gangnam-gu, Seoul. Although credit card companies and PG companies are currently supporting consumers' payment cancellation procedures, they have not been able to speed up due to the lack of cooperation regarding delivery information from TMON and WEMAKEPRICE. Once the additional FSS inspection team secures data related to product delivery, consumer refunds can be processed more quickly.

The FSS explained, "We will further expand the inspection team, which currently consists of seven members, to identify the facts of the current situation as quickly as possible," and added, "We will also provide maximum support in terms of human and material resources, including IT and payment processing experts, for the prosecution's dedicated investigation team."

The Seoul Central District Prosecutors' Office formed a dedicated investigation team on the same day regarding the Timep incident, led by Lee Joon-dong, head of the Anti-Corruption Investigation Division 1, with seven prosecutors assigned.