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

Hello. You asked about violation of the Specialized Credit Finance Business Act.

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

Credit card fraud is a crime that violates Article 70, Paragraph 1 of the Specialized Credit Finance Business Act, and is a matter that can result in up to 7 years of imprisonment or a fine of up to 50 million won.

Separately from this, it may also be punished under the Criminal Act for theft, fraud, or forgery of private documents, and if there is a complaint from the victim, the level of punishment may be increased.

The Specialized Credit Finance Business Act is a law for maintaining the sound operation and financial order of specialized credit finance businesses such as credit cards and installment finance.

Typical violations of the Specialized Credit Finance Business Act include cases of forging or altering credit cards, or selling or using lost or stolen credit cards or debit cards.

The situation you face may constitute a violation of the Specialized Credit Finance Business Act that could be considered a crime even if there were financial difficulties, so rather than responding alone, consultation with an attorney experienced in financial crimes is essential.

Early response is important in criminal proceedings, and reflection and compensation for damages can affect sentencing decisions, so we recommend prompt legal action.