Violation of the Electronic Financial Transactions Act

The Electronic Financial Transactions Act is a law that governs financial transactions using electronic devices such as computers, ATMs, and telephones, and sets forth matters concerning the operation and supervision of the electronic financial business.

Its purpose is to clarify the procedures and legal relationships of financial transactions that use electronic payment instruments, such as electronic funds transfers and electronic currency, thereby protecting users and securing the safety of electronic financial transactions.

▷ Level of Punishment for Violations of the Electronic Financial Transactions Act

In addition, where a person delivers an access medium (such as a bankbook or check card) to a criminal organization and goes so far as to participate in a voice phishing offense, the crime of fraud and other offenses may also apply beyond the violation of the Electronic Financial Transactions Act, and the sentence may be aggravated.

▷ Level of Punishment for the Crime of Fraud

If you become subject to punishment for a violation of the Electronic Financial Transactions Act, you should first identify the legal provisions that may apply to your conduct and the specific content of the charge.

For example, if you transferred or lent an access medium (such as a bankbook or card), Article 6, Paragraph 3 of the Electronic Financial Transactions Act may apply, and this becomes subject to criminal punishment under Article 49.

It is important to examine in advance whether one's own conduct is legally unlawful.

Before appearing at the investigative agency, you should organize the following matters in detail.

In addition, so that there is no confusion during the statement process, preparation in advance is necessary in order to maintain consistency in the content of your statement.

It is advantageous to make notes, organized by date and by situation, of who proposed the matter and in what manner, and what role you yourself played.

If there are factors favorable to sentencing, such as a basic purpose of making a living, whether it is a first offense, or efforts to recover the damage, you should prepare materials that can prove them.

If you organize in detail the content of attempts to reach a settlement with the victim, the fact of any deposit, circumstances such as financial hardship or illness, and a sincere letter of reflection, these can later serve as mitigating factors in the investigation or trial.

However, the submission of false materials may instead work to your disadvantage, so they should be prepared carefully and based on the facts.

If a settlement with the victim is difficult or contact with the victim has been lost, you can express an intention to recover the damage through the criminal deposit system.

This is a procedure of depositing with the court an amount of money equivalent to the amount of the damage, and even if the actual victim does not receive it, it may be recognized as a factor to be considered for the reduction of the sentence at trial.

A deposit can be made by applying directly to the court or through an official depository, and you should prepare the deposit statement and the certificate of payment of the deposit money.

If you are indicted and a criminal trial proceeds, it is important to organize the facts and the sentencing arguments and submit them in writing, and to approach the trial with a sincere attitude.

Retracting statements or showing an insincere attitude can adversely affect the court's judgment, so you should maintain consistent facts and an attitude of reflection from the outset.

It is advisable to argue, with supporting grounds, the circumstances that are favorable to you (for example, surrender, a crime committed to make a living, or passive participation).