• Convergence Security Journal
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• v.8 no.4
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• pp.9-19
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• 2008

By e-Financial Transactions Act enacted in January 2007, the financial institutions are responsible for indemnifying user's damage to ensuring security of the electronic financial transactions and to protecting financial users when suffering from electronic financial accidents. However, when occurring unauthorized financial transactions or electronic financial accidents by user's moral hazard, it is difficult to determine where the accidents happened at and whether caused by the intention or gross negligence of users. To protecting financial parties and ensuring the security and reliability of electronic financial transactions, this paper attempts to propose the means, what enhance the notification process about financial transactions and to strengthen IT regulatory compliance by using area information about electronic financial transactions, to protect risk of the financial accidents.

• Korean Business Review
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• v.13
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• pp.207-221
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• 2000

In this era of changing system, we may learn lesson from newly developed Uniform Electronic Transation Act(UETA) in 1999. Korea has its counterpart as the Basic Electronic Transaction Act and Electronic Signature Act made by 1999. While UETA stresses on transaction law between individuals, that of Korean stresses on the role of government in electronic transaction. Both laws have the common definitions as electronic record, electronic signature, however, UETA has its own definitions such as automated transaction, computer program, electronic agent, information, information processing system, and security procedure. Especially, transferable record in section 16 is one of the most unique concept which Korean law does not provide. Korean government is planning to introduce electronic note in the near future, which will make unprecedented reform in Korean financial industry. Since Korean law does not have such a concept as electronic note, revision of the law is expected soon. Korean law has its specialty which puts stress on cyber mall, authentication agency, and consumer protection. In U.S., the interpretation of law by court is important when they have disputes according to common law traditon. Studies on cases on disputes in U.S. is needed most for Korean application.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.25 no.4
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• pp.881-888
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• 2015

Financial Authorities have added security controls to the Electronic Financial Transaction Act and the Supervisory Regulation according to the recent frequent personal credit information leakages. Accordingly, the security level has been upgraded. But it is necessary to study more security controls to add. This paper deduces 19 security controls over the mean value to be added to the financial area receiving 15 security consultant's help.

• Journal of Korea Port Economic Association
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• v.19 no.1
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• pp.223-245
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• 2003

As a rapid development of electronic commerce transactions in these days, the security and private protection problems became more important matters under the electronic transaction base. Because electronic transaction using electronic documents be carried without direct person to person meeting, there can be the possibility to use other's identity illegally without notice, and very hard to verify authenticity of transaction as well. In addition, it is very hard to find out that the electronic documents on the process of submitting is forged documents or not, and also have much difficulty in maintaining transmitting secret. Therefore, to solve such problems on electronic commerce transactions and electronic documents, the digital signature and certification system with cryptography skill is inevitably necessary. As the wide use of digital signature together with beginning of digital government and financial transaction, not only the issuance of electronic certification, but certification market came to gradually expand. In Korea, after enacting digital signature act in 1999, the act contents were expanded to the wide range of contents complying with global standards from the end of 2001 to April, 2002, including the new clause of certification problems. And the act was put into operation now. Therefore, in this paper, we'd like to suggest development scheme through the investigation on electronic certification related problems, such as, concepts, procedures, service conditions here and abroad.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.20
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• pp.495-522
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• 2003

As a rapid development of electronic commerce transactions in these days, the security and private protection problems became more important matters under the electronic transaction base. Because electronic transaction using electronic documents be carried without direct person to person meeting, there can be the possibility to use other's identity illegally without notice, and very hard to verify authenticity of transaction as well. In addition, it is very hard to find out that the electronic documents on the process of submitting is forged documents or not, and also have much difficulty in maintaining transmitting secret. Therefore, to solve such problems on electronic commerce transactions and electronic documents, the digital signature and certification system with cryptography skill is inevitably necessary. As the wide use of digital signature together with beginning of digital government and financial transaction, not only the issuance of electronic certification, but certification market came to gradually expand. In Korea, after enacting digital signature act in 1999, the act contents were expanded to the wide range of contents complying with global standards from the end of 2001 to April, 2002, including the new clause of certification problems. And the act was put into operation now. Therefore, in this paper, we'd like to suggest development scheme through the investigation on electronic certification related problems, such as, concepts, procedures, service conditions here and abroad.

• Management & Information Systems Review
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• v.12
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• pp.1-15
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• 2003

As a rapid development of electronic commerce transactions in these days, the security and private protection problems became more important matters under the electronic transaction base. Because electronic transaction using electronic documents be carried without direct person to person meeting, there can be the possibility to use other's identity illegally without notice, and very hard to verify authenticity of transaction as well. In addition, it is very hard to find out that the electronic documents on the process of submitting is forged documents or not, and also have much difficulty in maintaining transmitting secret. Therefore, to solve such problems on electronic commerce transactions and electronic documents, the digital signature and certification system with cryptography skill is inevitably necessary. As the wide use of digital signature together with beginning of digital government and financial transaction, not only the issuance of electronic certification, but certification market came to gradually expand. In Korea, after enacting digital signature act in 1999, the act contents were expanded to the wide range of contents complying with global standards from the end of 2001 to April, 2002, including the new clause of certification problems. And the act was put into operation now. Therefore, in this paper, we'd like to suggest development scheme through the investigation on electronic certification related problems, such as, concepts, procedures, service conditions here and abroad.

• The Journal of Society for e-Business Studies
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• v.16 no.4
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• pp.53-73
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• 2011

Many governments have tried to develop a liability and compliance law that can improve cyber security in a sustainable way. This paper explores whether a liability and compliance law is effective in motivating firms' information security activities. In particular, I empirically investigate the impact of the 2007 Electronic Financial Transaction Act (EFTA), a liability and compliance law in Korea, on the information security activities of financial institutions and services providers. In spite of various criticisms of the effectiveness of EFTA, the empirical findings of this study clearly show that EFTA is having a positive impact on information security activities. From these findings, this article concludes that a liability and compliance law is likely to contribute to a certain degree to the achievement of sustainable development of cyber security.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.20 no.6
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• pp.67-81
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• 2010

As wide propagation of smartphones, e-commerce with smartphones increases rapidly. Such as transfer or stock trade systems. It has prospect that most of financial companies going to offer e-commerce systems via smartphones. And e-commerce via smartphones will be increased, hence the nature of smartphone that can be used whenever, wherever. However, legislation of e-commerce in Korea does not reflect these characteristics of smartphones, because it has set standards in regular PC. So that this study is security threat and feature of smartphones considering that the current legal system will use Certificate constraints, ensuring the safety of e-commerce and install security programs for protection of users, e-commerce responsible for the accident analysis has focused on the issues presented for this improvement.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.16 no.2
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• pp.1-8
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• 2016

A convergence of finance and information technology brought a remarkable development in Fin-Tech industry. On the other hand, currently existing laws seemed inappropriate to address the liability of financial institutions, Fin-tech enterprises and consumers in case of financial accidents due to its ambiguity. The minimum insurance obligation by financial institutions specified under the Electronic Financial Transaction Act 2006 is not keeping with current reality, considering transaction volume, frequency of incidents, and security investments. This paper aims to lay stress on the need of cyber liability insurance by understanding the domestic financial incidents and management, and the limit of existing insurance policy.

• International Commerce and Information Review
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• v.12 no.1
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• pp.35-54
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• 2010

This article explored the bank's responsibilities in electronic payment system between Korea and U.S.A. In order to complete my research object, I used Article 4A of the U.C.C. and EFTA of 1978 and by Electronic Financial Transaction Act of Korea as a analytic instruments. I also adapted America's various regulations to regulate concerned parties(banks). The system of this article is going to display as fellows; First, I presented recent trend and legal stabilities of electronic payment in this article. Second, I focuses on the allocation of risk of loss caused by ambiguous term in payment orders that do not express the subjective intention of the senders. I also did analyze the solution procession of error occurring in course of send of payment order. Third, In any action which involves a customers's liability for an unauthorized electronic fund transfer, the burden of proof is upon the financial institution to show that the electronic fund transfer was authorized. Forth, Customers have to report the error and unauthorized electronic fund transfer after awaring of it. Then bank will be liable for such a unauthorized electronic fund transfer. But If customer's failure to report, the bank has exemptions. Lastly, In order to prevent or detect the unauthorized electronic fund transfer, bank will agree with custom to establish a commercially reasonable security procedure, while bank has duties to notify in order to decrease the loss resulted from unauthorized payment order in korea law.