The Financial Supervisory Service (FSS) is implementing an automatic call-blocking system to swiftly disable phone numbers used for illegal lending. This measure aims to reduce the harm caused by illegal lenders who use these numbers to solicit high-interest loans or continuously contact debtors and their associates.
On August 2, the FSS announced the operation of the 'Zero Illegal Phones (AWCS)' system, which was prompted by the ongoing issues of debt collection despite the expansion of phone number suspension targets to include high-interest loans and illegal debt collection following amendments to the Moneylending Business Act last July.
Previously, it took about seven days to suspend a reported phone number used for illegal lending, but the FSS plans to reduce this time to around three days using the automatic call-blocking system.
The Zero Illegal Phones system works by repeatedly dialing from numbers associated with illegal lenders at intervals of 2 to 3 seconds, making it difficult to establish normal communication. Once a request for phone number suspension is received, the FSS will review the submitted evidence to determine if the number is linked to high-interest lending or illegal debt collection, and will prioritize activating the system before requesting suspension from the Ministry of Science and ICT.
An FSS official stated, "By swiftly neutralizing the phone numbers used for illegal lending and debt collection, we aim to eradicate illegal activities conducted over the phone and significantly alleviate the psychological pressure on victims."
* This article has been translated by AI.
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