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South Korea's Toss hit with heavy fine for mishandling personal credit data

( October 29, 2024, 06:11 GMT | Official Statement) -- MLex Summary: Viva Republica, the operator of South Korea's leading fintech app Toss, has been slapped with a 6 billion won (about $4.3 million) fine and a corporate warning by the country's financial watchdog for illegally collecting and using customers' personal credit information. Executives and employees received disciplinary actions ranging from salary cuts to warnings. According to the Financial Supervisory Service, the company was found to have improperly combined 29.2 million electronic receipts with its internal card transaction data without going through authorized data specialists and incorrectly marked optional consent items as mandatory for 4.63 million users during their signup process. The regulator also cited serious security protocol breaches, including failure to properly back up system access records and granting 261 employees unrestricted access to sensitive customer data without proper authorization or monitoring.The sanction notice, in Korean, is attached....

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