Celebrating World Consumer Rights Day
World Consumer Rights Day is an international day advocated by Consumers International (CI) to promote and commemorate the rights of consumers as first recognized by US President John F. Kennedy on March 15 1962 (the right to safety, right to be informed, right to choose, and right to be heard).
The theme of this year's World Consumer Rights Day is "Fair Digital Finance".
The development of digital technology has led to the appearance of FinTech, new financial services such as cashless payments and crypto-assets. This has enhanced convenience for consumers, but also exposed them to being targeted for withdrawal of their deposits using illegally acquired account details or subject to investment fraud falsely offering new financial services.
In addition to enforcing new financial legislation, we will rigorously execute laws such as the Act on Specified Commercial Transactions to deal with fraudulent transactions falsely offering new financial services, and we will also step up efforts to raise awareness and educate consumers out of concern for the increase in trouble involving younger consumers with the lowering of the age of adulthood.
As the ongoing evolution of digital technology can only lead to further new financial services appearing, it is our intention to take action in collaboration with related government agencies to ensure all consumers can enjoy the benefits of highly convenient financial services with safety and assurance.
I wish to send a message here in the hope that this World Consumer Rights Day is an opportunity for all stakeholders to join together in examining these issues involving consumers.
March 15, 2022
Minister of State for Special Mission (Consumer Affairs and Food Safety)