Phone numbers used for illegal lending and debt collection will be disabled

From now on, phone numbers used for illegal debt collection, such as abusive language or threatening behavior, can be blocked. The Financial Supervisory Service has announced that the revised Money Lending Business Act, which will come into effect on the 22nd of this month, will block private financial businesses such as illegal loan sharks.
The government has announced that it will expand the scope of its system for suspending the use of telephone numbers by those engaged in illegal lending activities, including debt collection and exceeding the legal maximum interest rate.
The use of telephone numbers had been suspended, but this time the scope will be expanded. In addition, considering that private financial institutions often use SNS and messengers for debt collection,
The government also decided to implement a system to restrict users from using the app after reviewing reports of illegal activities through KakaoTalk or LINE.
The system has been in effect since 2013, and is scheduled to be applied to LINE from the 22nd of this month. A Financial Supervisory Service official said, "This expansion of the system will protect ordinary people and vulnerable classes from illegal private financial businesses.
"We expect this to make a significant contribution to the prevention of damage caused by illegal private finance and to provide relief after the fact," he said.