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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] The Financial Supervisory Service (FSS) has directed Lotte Card to correct deficiencies in its MyData operations after discovering that the company failed to verify parental consent when minors signed up for the service.
According to the FSS disclosure on September 8, Lotte Card did not implement proper procedures to confirm legal guardian approval between May 2022 and October 2023. During that period, the firm also provided minors with access to certain investment and financial product information that is legally restricted for underage users.
The FSS issued an administrative guidance measure requiring system and process improvements but did not impose fines. Lotte Card must now upgrade its IT systems and customer guidance procedures to ensure parental consent checks and prevent a recurrence.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
