According to the Broadcasting and Communications Commission of Korea, a meeting discussing prevention measures for mobile loan fraud schemes were held by companies such as SK Telecom, KT, LG U+ and organisations such as Korea Internet and Security Agency (KISA) and Korea Association of ICT Promotion.
In 2010 there were 655 fraud cases. In 2011 this doubled to 1683 cases and this year there has been 1917 cases. Opening a mobile phone account for another person is legal in Korea – however, often these are used to purchases and also to get a loan using the mobile payment without authority.
Korea Communication Commission will implement strong preventive measures to stop such crimes from occurring. This means that those who conspire to do so will also be subject to penalties.
In addition to a recent issue of system improvements, one of the KCC officials said that they are also planning to improve the investigation procedures.