South Korea's Financial Supervisory Service launches system to block illegal loan‑collection calls

The Financial Supervisory Service (FSS) of South Korea has activated a new "대포폰 제로" (Auto Warning Call System) to neutralise phone numbers used for illegal high‑interest loans and debt‑collection calls. When a victim reports a number and provides evidence, the FSS reviews the request, triggers the system to place calls to the target at 2–3‑second intervals, and then asks the Ministry of Science and ICT to have telecom operators suspend the number. The measure shortens the time needed to block such numbers from roughly a week to about three days, aiming to reduce the psychological pressure on borrowers and curb illegal loan‑collection practices.

The initiative follows a 2022 amendment to the loan‑law that allowed telecoms to suspend numbers linked to unlawful lending. The FSS says it will continue monitoring illegal financial activities and swiftly disabling the tools used by predatory lenders.