The Financial Supervisory Service and the Korea Fintech Industry Association (KORFIN) said on the 15th they launched an "online fraudulent payment response council" with major PG companies and academics and security experts. Attendees at the launch ceremony at OneIFC in Yeouido, Seoul, included Vice Governor Lee Jong-oh of the Financial Supervisory Service, Kim Jong-hyun, president of the Korea Fintech Industry Association (KORFIN), and Ko Cheol-su, vice president of the Korea Financial Crime Prevention Association.

Attendees pose for a photo at the illicit payment response council at One IFC in Yeouido, Seoul, on the 15th./Courtesy of Lim Hee-jae

Lee said, "With consumer harm from fraudulent payments recurring, if PG companies focus only on user convenience and revenue growth, they will lose the market's trust," adding, "We need measures on how to strike a balance between convenience and security."

Kim said, "As the Fintech market grows, it is difficult to respond to increasingly sophisticated and intelligent fraudulent payment methods with the efforts of individual companies alone. The fraudulent payment response council itself will be a very meaningful starting point."

At the launch ceremony today, participants discussed measures for the fraudulent transaction detection system (FDS) subcommittee and for sharing anti-money laundering (AML) cases and solving problems. The fraudulent payment response council plans to prepare "standard practical guidelines for preventing and responding to fraudulent payments" in the second half.

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