The Financial Supervisory Service and the Korea Fintech Industry Association (KORFIN) said on the 15th that they launched an "online fraudulent payment response council" with major PG companies, academia, and security experts participating. The launch event at OneIFC in Yeouido, Seoul, was attended by Vice Governor Lee Jong-o of the Financial Supervisory Service, Kim Jong-hyun, head of the Korea Fintech Industry Association (KORFIN), and Ko Cheol-su, vice president of the Korea Financial Crime Prevention Association.
Vice Governor Lee said, "If PG companies and others focus only on user convenience and revenue while consumer damage from fraudulent payments keeps recurring, they will lose the market's trust," adding, "We need measures on how to strike a balance between convenience and security."
Chair Kim said, "As the Fintech market grows, it is hard to respond to increasingly sophisticated and intelligent fraudulent payment schemes with the efforts of individual companies alone. The fraudulent payment response council itself will be a very meaningful starting point."
At today's launch event, the detection of abnormal transactions system (FDS) subcommittee and measures to share anti-money laundering (AML) cases and solve problems will be discussed. The fraudulent payment response council plans to prepare "standard working guidelines for preventing and responding to fraudulent payments" in the second half of the year.