E-finance Fraud Prevention Service

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Electronic Finance Fraud Prevention Service is accessible for all individual users of electronic financial service from September 26, 2013. Users will be required to undergo additional personal identity verification procedure when reissuing authentication certificate or transferring more than 3 million won a day. Such services only required users to sign in using authentication certificate and type in security card information but will be additionally asked to undergo personal identity verification procedure via cell phone text message or phone call.

Users of electronic financial services can register up to 5 devices to reissue authentication certification and transfer fund exceeding 3 million a day through the following methods: 1)text message verification, or 2)ARS verification, or 3)visiting respective financial institution. Once registered, users can use the above financial services without additional personal identity verification procedure.

For those who haven’t registered electronic devices for use in advance, they would have to undergo additional personal identity verification procedure through either one of the above 1), 2), or 3) when reissuing authentication certificate and either one of the above 1) or 2) when transferring more than 3 million won within a day.

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