[Alpha Biz= Reporter Kim Sangjin] The Financial Supervisory Service (FSS) has imposed a fine of 6 billion KRW on Toss, a subsidiary of Viva Republica, for collecting and utilizing personal and credit information without customer consent.

On the 28th, it was reported that the FSS has sanctioned Toss for using nearly 30 million cases of personal credit information for business analysis without obtaining proper consent. The penalties include a fine of 5.374 billion KRW and an administrative fine of 628 million KRW, marking the highest fine imposed under the amended Credit Information Act.

Additionally, disciplinary measures were taken against Toss employees, which included:

- One employee receiving a three-month salary reduction
- One employee receiving a reprimand
- Two reprimands issued to former employees
- Four warnings issued to current employees
 

Between November 2, 2021, and April 13, 2022, Toss utilized transaction data from an electronic receipt solution provider without consent, combining it with card transaction data from its members without going through authorized data processing institutions, which constitutes a breach of the law.

According to the Credit Information Act, personal credit information can only be used for purposes related to financial transactions initiated by the information subject, and any use for other purposes requires explicit consent. Furthermore, if a company wishes to combine its information with that of a third party, it must do so through an authorized data processing institution. The FSS criticized Toss for not adhering to these regulations, highlighting additional issues such as improperly managing consent procedures for providing and utilizing personal credit information and failing to back up access logs in their credit information systems.

 

 

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