South Korea is tightening the security surrounding its online and mobile payment systems, following security breaches last November.
The new security measures will include stepping up payment authentication for online game sites and mobile payment services, a dedicated app store for financial services to prevent mobile device users from downloading phishing apps and tightening security when issuing accredited certificates.
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"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 Services Commission in a recent report.
The move comes after financial details from about 230 credit card users of leading South Korean credit cards, BC card and KB Kookmin Card, were hacked over five days last November, noted the report.
The stolen information was used for online game payments and resulted in losses as high as WON170m ($149,5).
According to the Korean police, investigations into the security breach revealed that the information was acquired by hacking into the Internet Secure Payment system of users’ personal computers.
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By GlobalDataThis has prompted South Korean authorities to tighten security surrounding online game websites, by improving the credit card verification processes.
