The South Korea Financial Services Commission convened financial authorities, industry groups and firms to assess the impact of planned restrictions on data scraping, which financial institutions use to retrieve administrative information with customer consent. Participants agreed that restrictions should be introduced in phases after sufficient preparation to connect financial services to alternatives such as public MyData, minimizing disruption to digital transactions and consumers. Financial institutions warned that blocking scraping could impede remote services including mortgage and rental deposit loans, accounts for minors and inheritance inquiries by requiring customers to obtain and submit certificates themselves. Internet-only banks could face particular operational difficulties, while the Korea Housing and Urban Guarantee Corporation and Korea Housing Finance Corporation could experience delays in verifying eligibility for policy housing finance. The meeting also reviewed firms’ security measures and internal controls across the collection, transmission and storage of scraped information. The Financial Services Commission will work with relevant authorities and institutions to develop measures that preserve stable financial services and prevent consumer inconvenience or harm.

Original source