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South Korea to upgrade online transaction security

Tuesday 9 April 2013 14:20 CET | News

South Korea has revealed plans to release a set of new measures aimed at upgrading its online and mobile payment systems, as part of its effort to prevent further security breaches, online media outlet ZD Net unveils.

The new measures will include stricter requirements over payment authentication for online game websites and mobile payment services, a financial application store service to prevent mobile device users from downloading phishing applications and tightening security when issuing accredited certificates.

The has been made after financial details from about 230 credit card users of BC card and KB Kookmin Card were hacked over five days in November 2012. The stolen information was used for online game payments and resulted in about USD 149,490 in losses.
 


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Keywords: South Korea, online fraud, online transactions, online payments
Categories: Fraud & Financial Crime
Companies:
Countries: World
This article is part of category

Fraud & Financial Crime