Collaboration with Google to Prevent Investment Fraud... Financial Supervisory Service Selected as Best Practice in Proactive Administration

Minsheng Infringement Response Headquarters Selected as Best Department
Best Employee Awarded to Experienced Digital Finance Staff

The Financial Supervisory Service (FSS) announced on the 3rd that it held an Active Administration Committee meeting and selected three outstanding departments and 11 outstanding employees for active administration in 2024.

The FSS received 18 cases from departments and 47 cases from employees, and conducted evaluations through internal and external committee members and on-site presentations. Winners of the active administration excellence awards will be granted exceptional incentives such as special promotions, salary increases, and preferential training opportunities in the future.

The top-performing department was the Consumer Protection and Response Bureau, recognized for its contribution to preventing illegal financial investment fraud. The bureau received high praise for actively collaborating with non-financial sectors such as global online platforms and telecommunications companies to establish and implement measures to block channels used for financial crimes. The bureau led the introduction of a "Financial Advertiser Pre-Approval Procedure" by negotiating with companies like Google to restrict advertisements from illegal operators. Over five months, it conducted an analysis of more than 20,000 illegal investment-related messages and established a three-layer prevention system including ▲blocking based on a blacklist ▲blocking based on keywords ▲sending warning messages.

The top-performing employee was Investigator Shin Hyun-su of the Virtual Asset Investigation Bureau, who personally developed a virtual asset investigation platform. In preparation for the enforcement of the Virtual Asset User Protection Act in July, he swiftly built an unfair trade investigation system suited to the characteristics of the virtual asset market, which was immediately utilized as a key tool in seven cases (33 items) initiated right after the law’s enforcement. Investigator Shin, who joined in August last year as a digital finance professional, was highly evaluated for demonstrating his IT expertise and producing tangible work results.

Additionally, the Digital Innovation Bureau, which implemented the "Safe Blocking Service for Credit Transactions" as a countermeasure against voice phishing and identity theft, and the Dispute Resolution Bureau 3 and Bank Inspection Bureau 1, which strictly responded to incomplete sales of Hong Kong H-Share Index (Hang Seng China Enterprises Index, HSCEI) equity-linked securities (ELS) and promptly pursued victim relief, were selected as outstanding departments.

Senior investigators Hong Yoon-tae of the Asset Management Supervision Bureau, who implemented a digital licensing process, Heo Hyun-jung, who contributed to increased dispute complaint handling, and Shin Jin-woo, who participated in simplifying indemnity insurance claims, were selected as outstanding employees. Seven others, including Ko Yoon-kwang, senior investigator of the Consumer Protection and Response Bureau, who contributed to improving convenience in withdrawing inherited financial assets, received encouragement awards.

Lee Se-hoon, Senior Deputy Governor of the FSS, encouraged, "We expect that the excellent cases discovered through this active administration competition will spread throughout the organization and serve as an opportunity to establish a culture of active administration. We must continue to improve any shortcomings so that the public can feel the innovation achievements in supervisory duties and maintain the momentum of innovation in financial supervision."

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