http://english.chosun.com/w21data/html/news/200412/200412300030.html Park Jong-se Dec. 30, 2004 Starting from 2006, financial institutions will be held responsible for any damage consumers may suffer at the hands of hackers or from malfunctioning computer systems while engaging in financial transactions on the Internet. The government adopted a financial e-transaction bill during a vice ministerial meeting Thursday. The bill will be discussed at a Cabinet meeting scheduled for Jan. 4 before being submitted to the National Assembly. According to the bill, if consumers incur damages or loss while engaging in e-banking because of an incident caused by a third factor, such as a case of hacking or computer system meltdowns, financial institutions or e-banking service providers will be liable. An exception that grants financial institutions immunity is also included in the bill. If consumers cause a problem deliberately or by their own mistakes, they will be held accountable. The bill states that consumers' identification number, secret code and certified document, all of which are essential prerequisites for e-banking, should be issued only when consumers apply for them and after their identity has been confirmed. It also mandates that transaction records should be kept. _________________________________________ Open Source Vulnerability Database (OSVDB) Everything is Vulnerable - http://www.osvdb.org/ --- end forwarded text -- ----------------- R. A. Hettinga <mailto: rah@ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'