KFTC Signs MOU with Small Enterprise and Market Service to Combat Onnuri Gift Certificate Fraud

Kim Hak-su, President of the Korea Financial Telecommunications and Clearings Institute (left), and Cho Bong-hwan, Chairman of the Small Enterprise and Market Service. Photo by Korea Financial Telecommunications and Clearings Institute

[Asia Economy Reporter Kim Min-young] The Korea Financial Telecommunications and Clearings Institute (KFTC) announced on the 27th that it has signed a business agreement with the Small Enterprise and Market Service (SEMAS) to establish a response system against the fraudulent distribution of Onnuri gift certificates.

The signing ceremony was held via an online video conference to prevent the spread of the novel coronavirus disease (COVID-19).

Through this agreement, KFTC will develop and support related technologies to enable SEMAS to proactively respond to illegal hoarding and exchange of Onnuri gift certificates in traditional markets and shopping districts.

The main contents of the agreement include analyzing fraudulent distribution patterns, early detection of suspicious transactions, real-time management of payment information, strengthening verification of fraudulent payments, and reorganizing the merchant management system.

To this end, KFTC will first collaborate with SEMAS to patternize types of fraudulent transactions and apply a method to detect suspicious transactions based on this by next month.

Additionally, by 2021, they plan to implement a more sophisticated abnormal transaction monitoring function by applying intelligent analytical methods.

KFTC President Kim Hak-soo said, “We expect that the big data analysis expertise possessed by KFTC, which has a specialized organization for data analysis and integration, will contribute to establishing a foundation to eradicate fraudulent distribution of gift certificates.” he said.

This content was produced with the assistance of AI translation services.