FSC targets online transaction security

As part of efforts to prevent security breaches online, the Financial Services Commission said yesterday it will tighten the country’s online and mobile payment system.

“We will reinforce the personal authentication process for online and mobile money transactions, particularly for Web sites that are more vulnerable to fraud payments,” said the financial regulator.

The FSC’s move comes after the financial information of about 230 credit card users of BC Card and KB Kookmin Card were hacked over five days last November. The hacked information was used to pay for online games and resulted in about 170 million won ($149,490) in losses. According to the investigation result announced by police earlier this month, the information was acquired by hacking into the Internet Secure Payment system of users’ personal computers.

Measures unveiled by the FSC yesterday include intensifying payment authentication for online game sites and mobile payment services, launching a financial application store service to prevent mobile users from downloading phishing apps and tightening security when issuing accredited certificates.

Also, starting next month those logging onto online game Web sites and purchasing less than 300,000 won in game coins will be required to receive either accredited certificate verification or mobile certification. Those purchasing more than 300,000 won worth of online coins will be required to receive both.

By Lee Eun-joo [angie@joongang.co.kr]