The Financial Supervisory Service (FSS) is conducting an on-site inspection of Naver Pay and Toss. According to financial authorities and industry sources on August 25th, the FSS is set to begin a full-scale on-site inspection starting tomorrow to determine whether these companies provided customer personal information to overseas businesses without consent.
This investigation transitions from the document-based inspection conducted until August 23rd to an on-site inspection to more closely examine the details of customer information provision and the legality of the consent procedures.
An FSS official stated, "It is difficult to grasp the exact details of the information exchange with just the contracts, so it is necessary to verify the electronic data."
Previously, the FSS detected that Kakao Pay provided personal credit information to China’s Alipay without customer consent. If similar cases are found with Naver Pay and Toss, the impact is expected to be even greater.
According to the FSS, Kakao Pay is suspected of having provided the personal credit information of over 40 million customers to Alipay without consent over the past six years. There is also speculation that financial authorities may conduct a full investigation of other foreign payment service providers.
Meanwhile, the FSS sent a review report to Kakao Pay on the 23rd, initiating formal sanction procedures. Kakao Pay claims that the transfer of information was part of a legitimate business outsourcing arrangement, but the FSS views it as a violation of the Credit Information Act. If the violation is confirmed, a large fine could be imposed.
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The Financial Supervisory Service (FSS) Investigates Naver Pay and Toss…Personal Data Leakage Suspicions
The Financial Supervisory Service (FSS) is conducting an on-site inspection of Naver Pay and Toss. According to financial authorities and industry sources on A
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