I have a question regarding a violation of the Specialized Credit Finance Business Act.. Does the crime of fraudulent use of a credit card constitute a violation of the Specialized Credit Finance Business Act?

Hello. You have asked a question regarding a violation of the Specialized Credit Finance Business Act.

The matter you have asked about may constitute a violation of the Specialized Credit Finance Business Act, and it may be subject to criminal punishment.

The fraudulent use of a credit card is a crime that violates Article 70, Paragraph 1 of the Specialized Credit Finance Business Act, and it is a matter that can be punished by imprisonment for up to 7 years or a fine of up to 50 million won.

Separately from this, it may also be punished under the Criminal Act as larceny, fraud, or forgery of a private document, and if the victim files a criminal complaint, the level of punishment may increase.

The Specialized Credit Finance Business Act is a law intended to maintain the sound operation of specialized credit finance businesses, such as credit cards and installment financing, and to maintain financial order.

Typically, forging or altering credit cards, or selling and using a lost or stolen credit card or debit card, constitutes a violation of the Specialized Credit Finance Business Act.

Although you were in financial difficulty, the situation you are in constitutes a violation of the Specialized Credit Finance Business Act that can be regarded as a crime, so rather than responding alone, a consultation with an attorney experienced in financial crimes is essential.

Early response in the criminal procedure is important, and factors such as remorse and whether the victim's loss has been compensated can affect the determination of the sentence, so prompt legal action is recommended.