The Financial Supervisory Service(FSS) and the financial sector unveiled a set of measures to protect victims of fraud within the lump-sum deposit housing rental system, called "jeonse” in Korea.

The FSS announced on Wednesday that as a follow-up to discussions held by the banking sector the previous day, measures will be devised to allow financial authorities to delay auctioning off houses rented by victims of jeonse schemes.

Should a scheme victim desire, the FSS plans to delay auctions of their residence held as collateral, and if an auction has already begun, postpone its sale by more than six months.

The move comes as three people in their 20s and 30s took their lives recently after becoming victims of jeonse fraud.

To this end, the supervisory agency will gather the home address of jeonse scheme victims from the land ministry and provide the data to banks and other financial institutions that handle housing mortgage loans.

To facilitate the process of such auction efforts and sales deferments, the FSS will issue a no-action letter to financial institutions on Wednesday.