Electronic Finance Fraud Prevention Services

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-Written by Ho Jung Min

One day we are sitting on the grass and looking up at the bright sky, and next we see people walking around snuggled in their jumpers and mufflers. Like the whimsical weather, life is also going through dramatic changes with the advent of technology. Without a doubt, it made our lives extremely convenient and helped people achieve what was thought to be impossible. However, it has also created problems that we have never thought of, and recently on the rise is electronic finance fraud. As a response, the government initiated electronic finance fraud prevention service, which we will look at in detail.

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Electronic Finance Fraud Prevention Service was implemented in September 26, 2013 to prevent fraudsters from using customer’s personal information to illegally transfer electronic funds from their account. What is this service? When a customer issues an authorization certificate, or transfers more than 300 million won in one day, you have to either use a designated terminal or go through additional confirmation processes. A month after the implementation of the system, electronic finance fraud reports decreased by 52%, and 58% in terms of money, a sign of clear success.

Nevertheless, the form financial fraud was just as quick to alter itself. In general, 70% of electronic financial fraud has been reported to be occurring under 300 million won, which this service cannot prevent. Before its initiation, fraudsters could gain access to an account just by using the target’s personal information to illegally reissuing an authorization certificate. However, after the policy took effect, fraudsters devised a more advanced and clever way such as installing malicious applications in a client’s smart phone or making use of their negligence to find out their authorization number. Electronic financial fraud has developed and there are constant reports of memory hacking or illegal charges through Smishing, making it difficult for the prevention services to do its job. As these methods develop and fraudsters create clever ways to obtain their goal, the prevention service has to develop as well, be ahead of the game.

Then what can the consumers do for themselves? Here are several tips: the basic rule is to conceal your registered number for a financial company or your SMS authorization number and constantly update your profile. Another tip is to make daily PC or smart phone inspections by updating your vaccine programs, checking and deleting malicious codes and never downloading unaccounted files or emails. The third tip is not to click unaccounted links sent to your phone, containing messages, such as ‘free coupon’, ‘discount coupon’, ‘wedding invitation’, ‘fine for violating traffic law’, ‘summons’ and etc. which is apt to be a malicious app designed to get your authorization number the second you click it. Lastly, make use of security cards or verified protection methods such as OTP(One Time Password). Be aware, be safe!

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