Simple & Easy Law Info

Simple & Easy Law Info

Electronic Financial Crimes

Electronic Financial Crimes 6. Damage Prevention and Things to Know www.easylaw.go.kr



I’ve seen many cases of Phishing and Smishing crimes on the news. Are there ways to prevent such crimes?



A system being operated to prevent electronic financial crimes. As such, it may be useful to learn about preventive measures for each type of electronic financial crime.



• Measures to Prevent Damages (1) An electronic financial fraud prevention service is being operated to strengthen the identification process when reissuing public financial certificates and transferring electronic funds through Internet banking. An electronic financial transaction restriction system requires a person who was notified of an account suspension or is subject to account suspension from the Financial Supervisory Service because of the use of his/her account for fraud to be designated as the person subject to an electronic financial transaction limitation.



• Measures to Prevent Damage (2) A withdrawal delay system, transfer delay service, designation of receipts account service, foreign IP blocking service, and card loan deposit delay system are in place with concerning sending and transferring money. A prevention system that strengthens the identification procedure during a financial transaction by a financial company for those whose personal information has been exposed upon application (pd.fss.or.kr), an identity theft prevention service that verifies the name upon subscribing to a telecommunications service or changing one’s name (www.msafer.or.kr), a personal information infringement report center (privacy.kisa.or.kr), and e-privacy cleaning service (www.eprivacy.go.kr) are in place.



• Things to Know to Prevent Damages When someone is asking for your money and personal/financial information by impersonating a family member or an acquaintance, you must verify it and not provide your money and personal and financial information if you are suspicious of their request. You must not install any applications or programs from unidentified sources. Do not click the URL or call the phone number that sent a false payment or delivery text message if you received them. Instead, delete the message immediately. When you have suffered damages from an e-financial crime, you must immediately contact the police and the relevant institution to minimize the damage with the help of the relevant system.



For detailed legal information, please refer to “Electronic Financial Crimes” on www.easylaw.go.kr.



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