Bank hacking prompts tighter security for online payments

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Bank hacking prompts tighter security for online payments

Financial authorities said yesterday they have set up a joint response team to beef up security on online payment services in the aftermath of a recent hacking episode involving the Internet Secure Payment (ISP) system managed by KB Kookmin Card and BC Card.

ISP is a password-encrypted service frequently used when making credit card payments online of less than 300,000 won ($277).

The team is comprised of officials from the Financial Services Commission (FSC), the Financial Supervisory Service (FSS), the Ministry of Public Administration and Security, the Ministry of Knowledge Economy, the Korea Communications Commission and IT experts at private firms, the FSC said.

The hacking that occurred from Nov. 2 to Nov. 6 resulted in losses estimated at 172 million won from 230 credit cards issued by the two firms, according to the FSS.

The FSS plans to announce a set of comprehensive measures in the first quarter of next year when it finishes scrutinizing the financial institutions’ existing security system.

The National Police Agency said on Tuesday it has launched an investigation into how the system was hacked.
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