FSS to Establish Guidelines for Abnormal Financial Transaction Detection System

[Asia Economy Reporter Bu Aeri] The Financial Supervisory Service (FSS) and the financial sector have decided to establish operational guidelines for the Fraud Detection System (FDS).

The FSS announced on the 21st that it held the first meeting with the Financial Security Institute and industry representatives to discuss improvement measures for the FDS and made this decision.

As the financial environment changes with the recent expansion of non-face-to-face financial transactions, there is a growing demand to enhance the FDS, including improving existing detection scenarios and developing new scenarios.

Accordingly, the FSS and the Financial Security Institute will form a working group with financial companies to promote the establishment of operational guidelines for the FDS.

The working group, which will operate until the first half of next year, will focus on developing new scenarios in response to advanced security threats, establishing a strengthened information-sharing system for abnormal financial transactions, and preparing detailed standards for operating the FDS system. The working group will also review the effectiveness and applicability of FDS detection scenarios.

Furthermore, the number of participating institutions in the abnormal financial transaction information sharing council, which currently includes 97 companies, will be expanded to establish a sharing system that prevents security threats from a specific financial company from spreading to others.

The FSS stated, "Once the guidelines are established, it is expected that the ability to respond to security threats will improve, thereby enhancing the safety of electronic financial transactions."

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