First Fraud Detection Conference Held in Korea by the Korea IT Times
First Fraud Detection Conference Held in Korea by the Korea IT Times
  • By Kim Yu-na (yuna@koreaittimes.com)
  • 승인 2014.08.29 00:56
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SEOUL, KOREA The inaugural Global Security Dash for FDS Conference 2014 was successfully held on August 25 at Seoul’s JW Marriott Hotel. Participating executives agreed on a roadmap that will see countermeasures taken to prevent the spread of electronic fraud in the shape of document entitled “The Reinforcement Guideline against Electronic Financial Fraud by the Financial Supervisory Service.”

FDS Conference view

The conference was sponsored and curated by the Korea IT Times, a leading English-language technology journal, in conjunction with the Creative Economy Planning Agency for Future Korea. Also participating in the event’s organization were the Gyeonggi Information Industry Association and a so-called “white hacker group” named Lock Down.

Some 150 financial security specialists and prominent figures from central government agencies such as the Ministry of Science, ICT and Future Planning, the Financial Security Agency were also in attendance. Also at the event were leading figures from educational and corporate bodies, such as Korea University’s Graduate School of Information Security, major Korean banks, other financial enterprises and other security specialists.

The conference provided a much-needed platform for the discussion of governmental policy and developments involving information security. Participants were able to express their thoughts and offer insight into a way to develop an effective Fraud Detection System (FDS).

The conference organizers said they hoped the event would help foster a collaborative connection between the FDS policy makers in the Financial Supervisory Service and solution developers from the business world. Presiding over the conference was Professor Yang, Jae-soo of Dankook University, who also serves as the chairman of Gyeonggi Information Industry Association.

The aims of the conference were as follows: to develop an effective counterplan according to the “Reinforcement Guideline against Electronic Financial Fraud by the Financial Supervisory Service,” to develop a scheme that would optimize the FDS of the financial sector, to provide a detailed analysis of the extent of electronic financial fraud and the importance of corresponding IT protocols, to share information security techniques, to understand recent government rulings on the matter, to build corresponding infrastructure and to compare workable solutions.

The conference began with an opening address by Kim, Soo-dong, President of the Creative Economy Planning Agency for Future Korea. This was followed by a welcoming speech by Kang, Sung-joo, Director at the Ministry of Science, ICT and Future Planning. Also speaking at the conference was Lee, Sang-lok, Director at the Financial Security Agency.

Kim, Soo-dong said, “There are many difficulties when it comes to preparing guidelines for the construction of FDS. We need to ensure that the system is appropriate for all financial institutions, even though banks and other financial organizations are doing their utmost to implement FDS systems as soon as possible in many cases before the end of the year. FDS is currently the hottest topic of conversation in the financial sector.”

He added, “Holding this conference now is very meaningful indeed. Many global enterprises are currently looking at ways to branch out into the remittance and sale of financial goods, as well as online finance.”

Kang, Sung-joo, meanwhile, expanded on the idea that an improvement of electronic payment systems based on the official certification notes was now inevitable. He stated, “We need to set up new regulations that can further develop how official authorization is registered according to the Electronic Tax Law of 1989.”

He added, “As a new system for electronic payment needs to be put in place, the relevant institutions (including the Financial Supervisory Service and Financial Services Commission) need to collaborate to reach an agreement on a series of protocol issues relating to staff training, other procedural aspects and the technology needed to decide upon FDS. We must ensure that ordinary Koreans can be offered safety and peace of mind when it comes to making electronic financial transactions.”

Lee, Sang-lok, Executive Director of the Financial Security Agency, making a congratulatory address

 

Lee, Sang-lok also spoke of the need to introduce a safe and uniform system that offered ease of use to all users. He said, “FDS (and how it applies to financial transactions) will play a vital role in the continued development of the electronic financial service sector. Supervisory financial authorities have strongly recommended constructing a coherent system. Financial institutions are doing their best to cooperate when it comes to building such a system and fostering safe environment in which to conduct electronic financial transactions.”

In addition, Lee, Sang-lok mentioned that Financial Security Agency had recently published and distributed a document called “A Technical Guide for FDS,” in an effort to support security efforts made by the financial sector and to build a safe environment for consumers who wished to deal with transactions online. He said he hoped the conference could usher in a new era of financial information protection through collaboration in data analysis, sharing technology and a collective examination of the relevant FDS regulations.

(From left) Jeon, Sang-kwon, President of Dongnam ENS, Lee, Jong-gul, Chairman of the Korea IT Times, Park, Soon-mo, Vice Chairman of the Korea Information Security Industry Association, Kim, Jong-gu, Vice Chairman of the Korean Council on the Protection of Personal Information, Professor Yang, Jae-soo of Dankook University, Chung, Youn-soo, Publisher of the Korea IT Times, Kang, Sung-joo, Director at the Ministry of Science, ICT and Future Planning, Kim, Soo-dong, President of the Creative Economy Planning Agency for Future Korea, Lee, Sang-lok, Executive Director of the Financial Security Agency, Dean/Professor Lim, Jong-in of Korea University Graduate School of Information Security, Lee, Jeong-keun, Chairman of the Korea Software Enterprise Association, and Kim, Tae-bong, Chairman of KTB Solution.


A special lecture was also given by Dean/Professor Lim, Jong-in of Korea University Graduate School of Information Security on the paradigm shift in financial security and implementing a counterplan. Kim, Tae-bong, Chairman of KTB Solution, also presented a speech about the development of future FDS and organizational strategy. Koo, Tae-un, a representative attorney at TEK & LAW who specializes in information security, spoke further about the current state of cyber security in his lecture, which centered on the conflict between electronic financial fraudsters and the law.

This conference, a landmark collaboration between the executives and managers in charge of banks’ and other financial institutions’ security departments, has great significance in that it was the first domestic conference related to FDS that focused on quite so many aspects of the system. Various issues pertaining to FDS policy of the Financial Supervisory Service, counterplans for fighting fraud, new security technology developments, other related business fields, and legal matters were all discussed, and all parties left with a sense that significant progress had been made.

A special session was also held, including a lecture on the connecting program between FDS in electronic financial transactions and BASS by Moon, Yong-su, a General Manager at Data Streams Business Consulting Headquarters. Park, Hwan-sung, a Manager at Nurier System Business Headquarters also spoke about the technical aims of FDS and introduced N-FDS. Park, Chan-ik, a Manager at Ksign Big Data Development Team,spoke about solutions for the big data analysis platform (PAVO EYE) that could help build FDS. Choi, Jong-sik, CEO at M BEYOND Inc, spoke about integrated security (all-in-one) solutions for FDS [Omni FDS], based on real time analysis. Kang, Sung-chul, Chairman of Niksun, spoke of cyber security forensic analysis solutions and how they purport to big data, while Lee, Jong-ju, a Managing Director of Secuve, spoke about FDS based on big data search engines. 


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