Thursday, December 15, 2005

Korean banks forced to compensate hacking victims

The South Korean government is introducing legislation that will make it mandatory for financial institutions to compensate customers who have fallen victim to online fraud and identity theft.

The new laws will require financial firms in the country to compensate customers for virtually all financial losses resulting from online identity theft and account hacking, even if the banks are not directly responsible. The country's Ministry of Finance and Economy (MFE) is planning to introduce the legislation in September 2006. MFE says the new laws will help alleviate the fears of some 23 million Korean e-banking, phone banking and ATM users over incurring losses due to online identity theft.

CATEGORIES: 1id theft, 1legislation, 1trends, 1legal, 1law, 1compliance, 1fraud
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