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South Korean fintech giant Toss sanctioned for mishandling personal-credit data

By Jenny Lee ( October 29, 2024, 07:37 GMT | Insight) -- South Korean fintech giant Toss faces regulatory sanctions including fines totaling 6 billion won (about $4.3 million) and a corporate warning for violations of data-privacy law and security protocols, the country's financial watchdog announced. According to the Financial Supervisory Service, the sanctions were levelled on Oct. 25, after its investigation into Viva Republica, Toss's operator, uncovered multiple instances of illegal personal-credit data handling affecting millions of users.South Korean fintech giant Toss faces regulatory sanctions including fines totaling 6 billion won (about $4.3 million) and a corporate warning for violations of data-privacy law and security protocols, the country's financial watchdog announced in a recent notice (see here)....

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