Fair trade watchdog fines matchmaking firm for exaggerating membership figures

SEOUL, Aug. 26 (Yonhap) -- The South Korean Fair Trade Commission (FTC) has imposed a 345 million won (US$249,450) fine on Duo Information Co., a prominent matchmaking firm, for inflating its membership figures. The watchdog found Duo misleading customers through online articles, its website, and outdoor ads, all of which featured exaggerated claims about the number of members.

Duo asserted that it had 5,135 members in professional occupations and 16,479 members with degrees from prestigious universities, figures that were based on the company's own definitions and criteria. The FTC noted that Duo also falsely claimed to be the sole matchmaking firm disclosing regulatory filings with the Financial Supervisory Service, despite another rival doing the same.

Furthermore, Duo's advertisement stated it had 230 matchmaking managers, a number that was actually 188. The FTC stressed the importance of accurate information in advertisements, given the difficulty customers face in gauging the services they will receive in the matchmaking industry. The FTC aims to maintain oversight of misleading advertisements in the industry to ensure customers receive truthful information and can make informed choices.