Financial Supervisory Service Requests Improvement from Lotte Card over "Negligence in Managing MyData Service for Minors"

Fine Waived
"Disciplinary Action Taken Against Responsible Employee"

Lotte Card received a request for improvement from the Financial Supervisory Service after failing to verify legal guardian consent during the sign-up process for its MyData service for minors.

According to the Financial Supervisory Service on September 10, the agency announced on September 8 that it had notified Lotte Card of one improvement item regarding the operation of its personal credit information management computer system.

The improvement item is an administrative guidance measure that requires financial companies to exercise caution or make voluntary improvements. The Financial Supervisory Service waived the imposition of a fine.

According to the details of the measure, Lotte Card omitted the procedure to verify legal guardian consent required when minors signed up for the MyData service between May 3, 2022, and October 19, 2023.

During the same period, it was found that Lotte Card provided information on financial products, including investment information, which is prohibited by law from being collected or provided to minors.

The Financial Supervisory Service requested that Lotte Card systematically improve its computer system and guidance procedures related to verifying legal guardian consent for minors as credit information subjects.

A Lotte Card representative stated, "During the process of adding a feature that allowed customers to apply for the MyData service when submitting a new application for the app or open banking, the age verification procedure was omitted due to an employee's mistake," and added, "We have taken the necessary verification measures for minor customers and have completed disciplinary action against the responsible employee."

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