The financial authorities are seeking a response direction to reduce consumer inconvenience resulting from the Supreme Court's plan to block scraping. If scraping is blocked, consumers may have to directly issue and submit various certificates during non-face-to-face financial transactions such as mortgage loans and jeonse (rental) funds, and disruptions could also occur in the supply of policy-based financing.
The Financial Services Commission held a "financial industry inspection meeting on scraping blocking" with the Personal Information Protection Commission, the Financial Association, financial companies, and related institutional investors on the morning of the 12th to discuss response directions according to the revision of the Enforcement Decree of the Personal Information Protection Act and the Supreme Court's scraping blocking plan. (See Money Today July 13: "Returning to 'paper documents' from 10 years ago"... Financial industry stops 'automatic document submission'.)
Scraping is a method that automatically extracts and utilizes information such as certificates displayed on internet screens. The financial industry has widely utilized scraping to reduce the inconvenience of consumers directly submitting administrative documents during non-face-to-face financial transactions.
In particular, when applying for mortgage loans and jeonse loans, opening bank accounts for minor children, or searching for heirs, relevant information is scraped from the Supreme Court system to verify family relationships. This is a method that replaces the submission of supporting documents with consumer consent.
The financial industry expects significant disruptions across all non-face-to-face operations if scraping by the Supreme Court and others is restricted, as consumers will have to directly obtain and submit relevant documents such as family relationship certificates to financial companies. Concerns were also raised that internet-only banks, which have few physical branches, could face greater difficulties across their entire operations.
It could also affect the supply of policy-based financing for low-income and vulnerable households. The Korea Housing Guarantee Corporation (HUG) and the Korea Housing Finance Corporation (HF) verify eligibility criteria for non-homeowners and newlywed couples through scraping. If scraping is blocked, home purchases or jeonse fund support may be delayed, potentially causing obstacles in utilizing policy-based financing.
Participants at the meeting generally agreed with the purpose of blocking scraping to ensure the safe protection and transmission of personal information. However, they reached a consensus that given the normalization of non-face-to-face financial transactions, sufficient preparation time should be allowed to implement measures such as public MyData to replace scraping in a phased manner to reduce national inconvenience and confusion.
The meeting also inspected the current scraping security systems and internal control status operated by financial companies. Financial companies shared their security measures applied during information collection, transmission, and storage, access controls, and information protection management systems.
The Financial Services Commission plans to continue consultations with relevant institutional investors in the future and prepare response measures to minimize national inconvenience and disruptions to financial services resulting from the Supreme Court's plans related to scraping.
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