Synopsis
On Feb 23, South Korea's financial watchdog requested the blocking of 1,428 websites accused of engaging in illegal investment schemes. This move follows a review of numerous reports and aims to protect investors from fraudulent activities.Key Takeaways
- 1,428 websites targeted for blocking due to investment fraud.
- 60 cases under police investigation.
- Top scams involve impersonation of financial officials.
- Increase in hydrogen fuel-cell bus subsidies.
- Efforts to promote eco-friendly transportation.
Seoul, Feb 23 (NationPress) South Korea's financial regulatory authority announced on Sunday its initiative to request the blocking of 1,428 websites and online posts implicated in promoting illegal financial investment scams.
The Financial Supervisory Service (FSS) stated that this request was made to the Korea Communications Standards Commission after a thorough examination of 4,325 reports and complaints received over the past year.
Among these cases, the FSS has urged police investigations into 60 instances identified as having clear illegal activities, as reported by the Yonhap news agency.
The predominant form of investment fraud involved perpetrators posing as officials from securities firms or licensed investment companies, totaling 28 reported cases, according to the FSS.
The second most frequent type consisted of fraudulent investment advisory services, with 14 reported cases, followed by illegal investment trading schemes, which accounted for 11 cases, as disclosed by the watchdog.
In other news, the government plans to increase its subsidy for hydrogen fuel-cell buses from 3,600 won (US$2.51) per kilogram of fuel to 5,000 won, starting next month. This move is part of efforts to promote the use of eco-friendly public transportation, as announced by the transport ministry on Sunday.
The transportation ministry has been providing subsidies for hydrogen fuel-cell buses since September 2021, aligning with the 2030 Nationally Determined Contribution (NDC) objective and the strategy to replace 25 percent of all metropolitan buses in the greater Seoul area with hydrogen-powered buses by 2030.
The bus sector has been slow to adopt hydrogen fuel-cell buses due to high fuel expenses compared to electric buses, as well as a shortage of hydrogen charging and maintenance facilities in the country.
The anticipated increase in the hydrogen fuel subsidy is projected to reduce operational expenses by 22 percent, bringing annual fuel costs in line with those of electric buses, according to the ministry.
