Korea Minting and Security Corporation Enhances Platform to Prevent Fraudulent Use of Local Love Gift Certificates

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Korea Minting and Security Printing Corporation (KOMSCO) is taking measures to prevent fraudulent use by advancing the local love gift certificate platform.

KOMSCO announced on the 13th that it has started the platform advancement work by developing and applying a model that filters out types of fraudulent use based on transaction information of local love gift certificates.

Previously, among the 72 local governments operating the mobile platform ‘Chak’, KOMSCO analyzed about 40 million data points including merchant and user information, purchase, payment, and exchange details from four local governments: Siheung, Seongnam, Seosan, and Gunsan. They identified 16 types suspected of abnormal transactions and built an abnormal transaction detection model that filters normal and abnormal transactions using this data.

The developed detection model will be applied to the digital platform for use by local governments. Additionally, KOMSCO plans to educate local government officials on types of abnormal transactions and how to use the detection model to contribute to the spread of prevention against fraudulent use of gift certificates.

KOMSCO emphasizes the significance of creating new value by preventing fraudulent distribution of local love gift certificates through the development of the detection model.

Ban Jang-sik, President of KOMSCO, said, “We expect the development of the detection model to play a major foundational role in advancing the digital platform. We will expand big data analysis techniques company-wide to support customized services for customers and promote the advancement of not only digital projects but also KOMSCO’s core business.”

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