KOR
▲ Financial Supervisory Service
The Financial Supervisory Service (FSS) has announced the launch of the "Burner Phone Zero" system to incapacitate burner phones used in illegal lending within three days.
The FSS stated today (August 2) that it is introducing the Burner Phone Zero system, which neutralizes the incoming call functions of burner phones by flooding them with unlimited outgoing calls, in order to swiftly neutralize burner phones, a typical tool for illegal lending and debt collection.
Under the revised Loan Business Act amended in July of last year, illegal lending and debt collection are subject to telephone number suspension under current law.
Currently, however, it takes about seven days after reporting to block the incoming call function of a burner phone.
The FSS expressed expectations that "utilizing the Burner Phone Zero system will enable the suspension of outgoing calls within around three days," which will "eradicate illegal activities utilizing burner phones and greatly alleviate the psychological pressure on victims."
If an illegal private lender attempts to advertise or collect debts, a debtor can apply for the suspension of the problematic phone number through the FSS website, and authorities will review the requirements to activate the system.
The method involves placing outbound calls to the illegal private lender's phone number at intervals of two to three seconds, effectively neutralizing their attempts to make calls for illegal debt collection.
Subsequently, a request is made to the Ministry of Science and ICT to suspend the use of the phone number, and following a review by the ministry, the telephone number's usage is finally suspended.
The FSS stated, "We will do our best to minimize damage by continuously monitoring illegal private financing and promptly blocking the tools used for illegal activities."
(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.
