| An individual & Payoneer Korea and Payoneer Inc. | |
|---|---|
| Lead NCP | Korea, Republic of (South) |
| Supporting NCP(s) | United States |
| Description | Specific instance alleging a non-observance of the OECD MNE Guidelines. |
| Theme(s) | Consumer interests |
| Date | 3 Nov 2023 |
| Host country(ies) | Korea |
| Source | Individuals |
| Industry sector | Financial and insurance activities |
| Status | Not accepted |
| Summary | Read the Final Statement published 16 April 2024: English On 3 November 2023, an individual submitted a specific instance to the Korean NCP alleging that Payoneer Inc.a financial services company, and its Korean branch, Payoneer Korea, had not observed the Consumer Interests (Chapter VIII) provisions of the Guidelines. Specifically, issues related to an alleged unauthorised transaction wherein funds were transferred from the submitter's account to a bank in Ukraine without consent during the use of online financial services of the company. The submitter alleged that the company failed to uphold its duty to safeguard personal data, and neglected to consider the needs of consumers in vulnerable or disadvantaged situations. The NCP was informed that, on 16 November 2023, the company compensated the submitter to cover the financial losses incurred. On 16 April 2023, the NCP published a final statement deciding not to accept the case for further examination as the issues raised were not material and substantiated, a link between the enterprise’s activities and the issues raised could not be determined, and consideration of the issues would not contribute to the purposes and effectiveness of the Guidelines. #consumerhealthandsafety #retailbanking #e-commerce #coordination #parallelproceedings #localsubsidiary #financialcompensation |
