FSS Governor Lee Chan-jin warns youth of illegal gambling risks

Lee Chan-jin, Governor of the Financial Supervisory Service (FSS), conducted a special lecture at Yeomyeong School in Seoul to educate North Korean defector youth on preventing financial fraud and illegal gambling. The session, part of a relay lecture series organized by the National Gambling Control Commission, focused on the rising dangers of cyber gambling and illegal private lending, such as ‘proxy deposits’ (daeri-ipgeum), where small loans are provided to minors with the intent of demanding exorbitant fees.

To accommodate students born in China who may have limited Korean proficiency, the lecture utilized Chinese-language educational materials and real-time interpretation. The FSS used practical tools to increase awareness, including recordings of actual voice phishing calls and short-form videos depicting scenarios where illegal gambling leads to predatory financial practices.

Lee warned that while gambling may seem accessible through curiosity or entertainment, the consequences are severe. This initiative comes amid rising statistics regarding youth involvement in cyber gambling, with the number of teenage suspects arrested for such activities in the first seven months of this year already exceeding the total for the entirety of last year.