March, 31, 2010

Financial regulators will make a decision within a few days that could effectively end the complacency of the Korean Internet security industry and belatedly fix its complex and cumbersome online financial transaction system. However, it could also further add to isolation and inefficiency.The Financial Services Commission (FSC) said it will announce recommendations as early as this week to deal with Microsoft products that have a monopoly on online banking systems in Korea. Soon after, the Office of the Prime Minister will make a decision based on the FSC suggestions.

``We have been looking into the issue from the perspective of financial consumers. We are evaluating what is the dominant standard nowadays, and what is the safest solution for users,’’ said Ernst Lee, the FSC spokesman.In the past few months, several government departments, Internet industry lobby groups and NGOs have been engaged in a fierce debate over whether the FSC’s current regulations on Internet banking provide enough security and compatibility.

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