Today, I would like to bring an issue about ‘online transaction.’
Probably, you will be reminded of this blog post when you are purchasing something on the web. We are so much familiar with online shopping, since it is convenient, cheap and fast. Despite all the merits of online shopping, there is an issue constantly demanding our attention. That is, ‘financial crimes related to online transaction method’ which has been constantly growing.
Whenever making a payment online by debit card or credit card, you are using Internet Secure Payment (ISP). ISP is a payment system usually used for transaction with small amounts, and it is being widely used by consumers. About a month ago, the ISP system was hacked. Neither an exact nor an estimated amount of actual financial damage is yet reported. One thing for sure is that we should have strong measures to prevent this kind of danger, as ISP is so closely related to our everyday financial needs.
To come up with such a preventive measure, the government formed a task force. The task force, led by FSC, is composed of various entities such as the Ministry of Public Administration and Security, the Ministry of Knowledge Economy, the Korea Communications Commission and other related bodies. The task force is responsible for two distinctive roles. One is inspecting and examining online transactions, while the other is about improving the current ISP system.
The task force will check the whole system for online transactions and discuss how to manage a new system with further improvement. The first meeting is to be held during the second week of December. Later on in the next year, the task force will take steps to legislate new regulations addressing the current issue.
Recently, FSC submitted amendments to ‘Electronic Financial Transaction Act’ to the National Assembly. It is being reviewed by the State Affairs Committee. One of the FSC officers made it clear that they will try their best to get the amendments passed and legislated as soon as possible. Along with the FSC, the FSS (Financial Supervisory Service) is going to screen and evaluate the reviews submitted by credit card companies, and get onto an actual security inspection from the next week. Our online shopping will be secured by all these new measures. I am so glad that one of my great pleasures, buying my wish-list items on the internet, will be protected. Hope that ISP system is not hacked anymore!