• Asia-Pacific Journal of Business
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• v.13 no.3
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• pp.227-243
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• 2022

Purpose - This study surveyed real estate financial consumers and financial company staff regarding the components of the financial consumer protection system to seek detailed improvement plans for the Financial Consumer Protection Act. Design/methodology/approach - The Analytic Hierarchy Process (AHP) technique is applied. Findings - Both consumers and staff highly evaluated the importance of the preventive measures in the main classification factors. Regarding the sub-classification factors of preventive measures, consumers emphasized the responsible management of investment staff and financial institutions; however, the staff stressed the principle of effectiveness and efficiency. Regarding the elements of ex-post remedies, consumers answered that fast remedy would have a significant effect. At the same time, staff believed that punitive measures hinder free trading and investment activities. Regarding the sub-sub classification factors of prevention measures, the consumers value responsible management of staff and financial companies, while the staff tend to prefer the importance of the self-regulatory governance. Research implications or Originality - Based on the above results, financial regulatory authorities should find a balance between preventive and ex-post components once focusing on preventative measures. Our paper is one of the first research findings in this field of financial consumer protection system in Korea.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.77
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• pp.69-89
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• 2018

The United States of America is one of the most favoring countries in which mandatory pre-arbitration clauses in the form of adhesion contract have been widely recognized and supported by courts and the Federal Arbitration Act. However, after the financial crisis in 2008 and the National Arbitration Forum scandal in 2009, in enacting the Dodd-Frank Wall Street Reform and Consumer Protection Act ('Dodd-Frank Act'), Section 1028(a) of the Act requires the newly created Consumer Financial Protection Bureau (CFPB) to provide Congress with a report on "the use of agreements providing for arbitration of any future dispute between covered persons and consumers". Section 1028(b) also grants the CFPB the authority to "prohibit or impose conditions or limitations on the use of an agreement between a covered person and a consumer for a consumer financial product or service providing for arbitration of any future dispute between the parties, if the Bureau finds that such a prohibition or imposition of conditions or limitations is in the public interest and for the protection of consumers." Pursuant to the Dodd-Frank Act, the CFPB issued a report entitled "2015 Arbitration Study: Report to Congress 2015 (Report)" in March 2015. This paper examines some major legal issues of the Report and makes a few recommendations for Korean financial institutions which entered into the U.S. financial market or has a plan to do so in the near future.

• Journal of Arbitration Studies
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• v.24 no.2
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• pp.53-80
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• 2014

This article focuses on the Active Plan for Alternative Dispute Resolution(ADR) in financial Dispute. The financial consumers of Korea had suffered greatly from the IMF in 1997 and the global financial crisis in 2008, which also increased financial conflicts significantly. In particular, active financial transaction, due to the development of computer and financial techniques causes frequent consumer financial conflicts. It is beneficial to settle them for judicial economy through an alternative conflict arbitration system instead of lawsuit at the court. Many advanced countries settle financial conflicts through various ADR in their numerous financial conflicts. In the settlement of financial conflict, the ADR system, covering mediation and arbitration, is useful and appropriate. Each governmental institution has various conflict settlement organizations, and it is necessary to operate them effectively. In order to settle financial conflicts properly, it is necessary to study law on financial consumer protection, and it is also necessary to understand practical custom and practical knowledge and to systematize them. Further, it is important to manage financial conflict-related data, to accumulate professional experiences, and to prepare a financial conflict settlement system in order to introduce financial education earlier to the whole nation.

• Journal of Information Technology Services
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• v.20 no.6
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• pp.63-81
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• 2021

Joint financial network of Korea Financial Telecommunications and Clearings Institute, which is an essential facility with a natural monopoly, maintained its closedness as monopoly/public utility model, but it has evolved in the form of open banking in order to obtain domestic fintech competitiveness in the rapidly changing digital financial ecosystem such as the acceleration of Big Blur. In accordance with digital transformation strategy of financial institutions, various ICT companies are actively participating in the financial industries, which has been exclusive to banks, through the link technology called Open API. For this reason, there has been a significant change in the financial service supply chain in which ICT companies participate as users. The level of security in the financial service supply chain is determined based on the weakest part of the individual components according to the law of minimum. In addition, there is a perceived risk of personal information and financial information leakage among the main factors that affect users' intention to accept services, and appropriate protective measures against perceived security risks can be a catalyst, which increases the acceptance of open banking. Therefore, this is a study on factors affecting the introduction of open banking to achieve financial innovation by developing an open banking security control model for financial institutions, as a protective measures to user organizations, from the perspectives of cyber financial security and customer information protection, respectively, and surveying financial security experts. It is expected, from this study, that effective information protection measures will be derived to protect the rights and interests of financial customers and will help promote open banking.

• The Journal of Information Systems
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• v.26 no.3
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• pp.313-337
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• 2017

Purpose Financial technology, also known as FinTech, is conceptually defined as a new type of financial service which is combined with information technology and other traditional financial services like payments, investments, financing, insurance, asset management and so on. Most of the studies on FinTech services have been conducted from the viewpoint of technical issues or legal and institutional studies, and few studies are conducted from the health belief perspectives and security behavior approaches. In this regard, this study suggest an extended information protection behavior model. Design/Methodology/Approach The Health Belief Model (HBM), the Protection Motivation Theory (PMT), and the Technology Threat Avoidance Theory (TTAT) were employed to identify constructs relevant to information protection behavior of FinTech services. A new extended information protection behavior model in which the influence factors of information protection behavior (i.e., perceived susceptibility, perceived severity, perceived benefits, perceived barriers, perceived self-efficacy, subjective norms) affect perceived threats and perceived responsiveness positively, leading to information protection behavior of FinTech users eventually. This study developed an extended information protection behavior model to explain the protection behavior intention in FinTech users and collected 272 survey responses from the mobile users who had experiences with such mobile payments and FinTech services. Findings The finding of this study suggests that the influence factors of information protection behavior affect perceived threats and perceived responsiveness positively, and information protection behavior of FinTech users as well.

• Journal of the Korean Home Economics Association
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• v.38 no.11
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• pp.63-75
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• 2000

To identify the actual situation of financial information disclosure, a content analysis was performed on pamphlets of a time deposit and a new reserve trust offered by banks and other financial institutes. Although consumers required information on interest rate, tax favor, loan service, protection of brink depositors and bank security to select a financial service account, informations offered on pamphlets are not sufficient. Therefore concrete way of information offer system shoed be developed. In offering interest rate, interest rate after tax deduction or payment at maturity should be also mentioned. Information on tax favor, protection of bank depositors and bank security should be contained in pamphlets as well. Use of easy terms and notes are recommended for developing pamphlets for financial products.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.15 no.11
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• pp.4163-4183
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• 2021

As measures for protecting users and ensuring security of electronic financial transactions, such as online banking, financial institutions in South Korea have implemented network segregation policies. However, a revision of such domain-centered standardized network segregation policies has been increasingly requested because of: 1) increased demand for remote work due to changes resulting from COVID-19 pandemic; and 2) the difficulty of applying new technologies of fintech companies based on information and communications technologies (ICTs) such as cloud services. Therefore, in this study, problems of the remote work environment arising from the network segregation policy currently applied to the financial sector in South Korea and those from the application of new ICTs such as fintech technology have been investigated. In addition, internal network protection policies of foreign financial sectors, such as those of the United States, United Kingdom, European Union, and Russia, and internal network protection policies of non-financial sectors, such as control systems, have been analyzed. As measures for the effective improvement of the current network segregation policy, we propose a policy change from domain-based to data-centric network segregation. Furthermore, to resolve threats of hacking at remote work, recently emerging as a global problem due to COVID-19 pandemic, a standard model for remote work system development applicable to financial companies and a reinforced terminal security model are presented, and an alternative control method applicable when network segregation is not applied is proposed.

• Convergence Security Journal
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• v.13 no.1
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• pp.31-36
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• 2013

The personal information protection act has been enacted from 2011 for the protection of public and private privacy. Since the application area of the law is so broad, there is a limit to covers everything in the financial field. In this paper, I'll discuss an impact and problem by the personal information protection act. and propose some new task to build an efficient personal information protection governance on financial sector.

• Knowledge Management Research
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• v.20 no.3
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• pp.91-106
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• 2019

In the era of the 4th Industrial Revolution, the importance of information protection is increasing day by day with the advent of the 'hyper-connection society', and related government financial investment is also increasing. The source of the government's fiscal investment projects is taxpayers' money. Therefore, the government needs to evaluate the effectiveness and feasibility of the project by comparing the public benefits created by the financial investment projects with the costs required for it. At present, preliminary feasibility study system which evaluates the feasibility of government financial investment projects in Korea has been implemented since 1994, but most of them have been actively carried out only in some fields such as large SOC projects. In this study, we discuss the feasibility evaluation of public projects for the purpose of information security. we introduce the case study of the personal information protection program of Korean public institutions and propose a cost-effectiveness analysis method that can be applied to the feasibility study of the information protection field. Finally, we presented the feasibility study and criteria applicable in the field of information security.

• Ocean and Polar Research
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• v.45 no.1
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• pp.11-22
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• 2023

For the commercial development of deep-sea mineral resources, the International Seabed Authority is engaged in wide ranging discussions to establish the Regulations on Exploitation. The core issue of the Regulations on Exploitation is how to protect the marine environment along with the royalty system that distributes the profits from such development. The United Nations Convention on the Law of the Sea stipulates the protection of the marine environment in Part 12 (Articles 192-237) for the preservation of the marine environment, and in the 1994 Implementation Agreement, the protection of the marine environment at the stage of application for approval of the plan of work together with the Regulations on Exploration for the protection of the marine environment. For this purpose, certain obligations are imposed on the applicants. In the Regulations on Exploitation, financial systems such as environmental performance guarantee, insurance, and environmental compensation funds, which were not found in the Regulations on Exploration, are added to further specify the measures for marine environment protection generally stipulated in the 1982 Law of the Convention or 1994 Implementation Agreement. Regarding the financial system for marine environment protection, the Marine Environmental Protection and Conservation Informal Working Group meeting is revising the purpose of the environmental compensation fund. Among these financial system elements, it is judged that there is a possibility that the environmental performance guarantee and insurance may overlap considerably, and it is also thought that the establishment of the environmental compensation fund can also provide a substantial sum of money that will meet the purpose of the compensation fund in terms of securing its financial resources. In this paper, the question is posed as to whether or not this can be accomplished. In this respect, this paper examines the environmental performance guarantee, insurance, and environmental compensation fund, which are necessary for the protection of the marine environment of the deep seabed, but which can impose appropriate obligations on contractors for the commercial development of deep seabed mineral resources. At the same time as figuring out how it is operated in relation to relevant domestic laws, I would like to propose a plan to reflect the implications derived from the domestic law operation process in the Regulations on Exploitation.