The FSC held a meeting on the prevention of fraudulent and illegitimate activities in financial services with the relevant institutions on March 26 and discussed ways to strengthen prevention, detection and punishment of fraudulent activities and to improve consumer remedies.

The authorities decided to set a special response period from March 29 to June 30 this year in order to strengthen monitoring and detection of fraudulent activities. The government will also continue to work on improving regulations through legislative efforts.

Key Tasks

(Investment Advising via Social Media)  Carry out a joint monitoring and inspection on stock investment advising activities that utilize social networking services and operate special investigation teams focusing on particular stock items

(Fundraising Conducted by Unregistered Entities)  Expand the scope of punishable activities to include the act of providing disinformation on illegitimate financial products and misrepresenting them as legitimate and of promising a profit on illegitimate products

(Vishing)  Strengthen prevention and detection of vishing scams through a closely coordinated information sharing system between the relevant institutions and send out public alerts about new vishing scams

(Illegal Predatory Lending)  Provide support to the victims of illegal predatory lending by helping to recover interest payments in excess of the maximum interest rate that is permitted by the law

* Please refer to the attached PDF for details.