Strengthened Online Payment Protection

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What would it feel like if one day you found out most of your money had disappeared? That only a few dimes were left when previously the balance had been over $10,000?

It would be beyond devastating and you might freeze in front of the ATM, unable to move while trying to figure out what could possibly have happened. I truly hope that nothing like this ever happens to any of our readers, but the truth is it could happen to anyone.

Recently, 230 credit cards have been hacked in the individual security breaches via the uses of the credit card companies’ Internet Secure Payment (ISP) system for online money transactions. The Cyber Terror Response Center of the National Police Agency started an investigation right after reports of the breaches from credit card companies and announced that the police put more weight on the possibility of financial information leak through individuals’ computers with malicious programs since no trace of hacking of the ISP system had been detected.

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In an attempt to develop more comprehensive protection against online payment hacking, the Financial Services Commission has established fortified countermeasures for not only safer money transactions on the internet but also transactions through mobile phones. The measures are as follows.

  • Tighten personal authentification for secure online payments on game sites.

–      The personal financial information has frequently been used on game sites, causing damages of online retail      payment (under 0.3 million won).

–      Additional identification measure will be added in the procedure.

  • Ÿ   Widen the range of the application of FDS (Fraud Detection System).
  • Ÿ   Strengthen the security of mobile payment services.

–      The use of stored accredited certificates and identification via SMS will be mandatory.

  • Ÿ   Develop an integrated financial app store to exclude fake applications.
  • Ÿ   Designate mobile phones for online banking and trading.
  • Ÿ   Toughen security in the issuance of accredited certificates

–      The current system allows reissuance of accredited certificates from illegally acquired financial information.

–      Using designated PC will be mandatory. When using undesignated PCs, additional identification measure will be taken place.

–      Security tokens will be provided to prevent leakage of certificates.

  • Ÿ   Build up more education programs to grow more financial security professionals.

As digitalization takes most aspects of our lives onto networks that are prone to being intruded upon by others, not only system developers – government, institutions, and other various companies – every individual has to recognize the risk in a more transparent world – from hackers as well as justified users of the information – and stay alert for their own safety. One thoughtless click or tap now can bring about immense frustration in the future. I hope our readers would keep in mind that you could always be the victim of these crimes and have a more secure life on the basis of a firm understanding of those risks.

By SangHee Yu (youkimhe@hotmail.com)

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