“Crime infringing on people’s livelihoods. Effective measures should be taken.”
The number of arrests of illegal private financial crimes, including illegal debt collection, has more than doubled in three years.
According to Rep. Han Byung-do of the National Assembly on the 4th, a total of 2,735 cases of violations of the Loan Business Act and the Debt Collection Business Act were reported last year. This represents a roughly 2.58-fold jump from 1,057 cases in 2021.
There were 2,588 illegal private financial crimes arrested in the first six months of this year, accounting for 94.6% of the number of cases last year.
By type of violation of the law, the number of violations in the case of the loan business law increased about 2.34 times from 675 in 2021 to 1580 last year. Moreover, there were 1,704 cases in the first half of this year, more than last year.
Crimes in violation of the Debt Collection Act also rose from 382 in 2021 to 1,055 last year. Among these illegal private financial crimes, a lawmaker said, there were cases where they charged 2,000 to 3,000% of interest per year or threatened to distribute naked and composite photos of victims in case of delinquency.
“Illegal private finance is a representative crime of violating people’s livelihoods that exploits the desperate situation of socially disadvantaged people such as ordinary people and young people,” a lawmaker said. “The government should come up with effective pan-ministerial measures to eradicate crimes and protect victims.”
Financial Supervisory Service Campaigns to Prevent Illegal Private Finance for Job Seekers and Young People
Recently, the Financial Supervisory Service has been conducting online and offline promotions to prevent damage to financial crimes of people’s livelihoods, such as illegal private finance, illegal financial investment, and voice phishing.
The campaign targets job seekers and young people who are likely to be exposed to illegal private financial damage due to income instability.
First of all, the Financial Supervisory Service will hold a relay quiz event using the job search site. This online quiz event will be held three times, starting with “Illegal Debt and Illegal Collection of High Interest Rate” in September, “Illegal Financial Investment and Asset Fraud” in October, and “Voice Phishing” in November.
You can participate in job search platform apps such as Albamon, Alba Heaven, Incruit, and Job Korea, the FSS website, and YouTube and Instagram, and a total of 583 people will be drawn to present prizes such as gift certificates.
![[Photo = Yonhap News]](https://i0.wp.com/wimg.mk.co.kr/news/cms/202509/04/news-p.v1.20250904.d0890e95abd540199b3af4936bd44f17_P1.jpg?w=788&ssl=1)
On-site campaigns are also scheduled. From the 13th to the 14th, a promotional booth will be operated at the Global University Cultural Festival in Sinchon, Seoul.
At the meeting, the Financial Supervisory Service will distribute leaflets and souvenirs that guide the prevention and response of illegal private financial damage, and collect illegal private financial advertisements to stop their use.
An FSS official said, “We expect to raise awareness and prevent damage by spreading cases and countermeasures to online and offline sites familiar to job seekers and young people.”
