The FSC announced regulatory changes to minimize inconvenience for consumers and improve efficiency in damage prevention and remedy provision, while introducing plans to create task forces as part of the government-wide efforts to root out vishing scams on July 16.

TASK FORCES

a) TF on legal & regulatory system: Work on fair and balanced ways to improve rules on liability for damages
b) TF on fraud detection system: Strengthen the monitoring of vishing scams and other types of suspicious financial transactions by requiring financial companies to adopt fraud detection system (FDS)
c) TF on public service advertisement: Bolster efforts to increase public awareness on vishing threats by making available more public service advertisements through diverse channels
d) TF on insurance: Improve vishing insurance system, including coverage and premium, and expand sales channels

SCHEDULE

The FSC will operate task forces until the end of this year to improve and strengthen the nationwide vishing scam prevention efforts.

* Please refer to the attached PDF for details.