Post by account_disabled on Sept 16, 2023 10:28:45 GMT
Another thing to pay attention to in Toss FDS is the abnormal transaction damage response system centered on FDS. In fact, when it comes to the user's overall financial experience, detecting anomalous transactions is just the beginning. It is more important to be protected and compensated when caught in an abnormal transaction. The most important asset for a financial company is the trust that you can receive warnings before you become a victim of voice phishing or second-hand transaction fraud during financial transactions, and that you will be compensated even if you suffer damage. For financial companies to secure this trust, they need not only an intelligent FDS, but also an organization and system that can reassure affected users and provide appropriate follow-up support.
When a user suffers damage from Phone Number List an abnormal transaction, Toss compensates the damage before the results are obtained by simply reporting it to the investigative agency.
It is the so-called ‘Security Compensation System’. Damage from identity theft or voice phishing can amount to up to 50 million won, and damage from second-hand transaction fraud can amount to up to 500,000 won. In 2022 alone, 2,500 users received relief for damages worth 1.6 billion won. Currently, some banks compensate for damage from financial fraud through insurance products, but Toss' Safe Compensation System has a relatively wide range of compensation and simple procedures. Of course, if you ignore the FDS siren warning and send money, you will not be compensated.
If you ignore the siren of Toss FDS and send money, you will not be able to receive compensation for damages through the ‘Safe Compensation System’. Therefore, the number of compensations for the Safe Compensation System is also the number of abnormal transactions that Toss FDS could not catch.
According to < Unusual Challenge >, which summarizes Toss's founding from its founding to 2022 , Toss referenced PayPal's fraudulent transaction compensation system when designing the security compensation system. As payments become simpler, fraudulent transactions will also increase. PayPal does not give up on simplicity, but instead compensates users who are financially vulnerable first when fraudulent transactions occur. The cost that PayPal spent to compensate for fraudulent transactions in 2019 was 1.3 trillion won, or 0.15% of the total transaction amount of 854 trillion won. Compensation is paid first, and part of it is recovered when the investigation results are released.
It is currently unclear whether Toss manages abnormal transaction compensation at the level of PayPal (it did not confirm specifically). However, the cumulative remittance amount through the Toss app has already exceeded 160 trillion won in May 2021 . Among all of Toss' services, including simple payments, the cost paid for the security compensation system is 1.6 billion won, so it appears that the security compensation system is being operated very effectively, at least so far. Of course, FDS is at the center of it all.
The more it hurts, the safer it becomes.
Toss first began building FDS in 2015. However, the opportunity to use it for user protection in earnest was the 2020 incident. Eight Toss users reported that approximately 2 million won was withdrawn from their accounts without their knowledge. Toss claimed that the system was not hacked, but that a third party stole their personal information and made payments, but the final results of the investigation are not known. In the one hour that the incident was reported, the number of people who withdrew from Toss reached hundreds of times the usual number. It was at this time that a new customer protection team was established, procedures and standards for compensation for damages for fraudulent transactions were established, and a safe compensation system was introduced.
Therefore, the performance of Toss FDS needs to be read in the context of this trial and error. Since Toss does not have an offline sales infrastructure, it has no choice but to be more active in attracting and retaining users (preventing withdrawal). It has a massive user base of over 20 million and many services that integrate and analyze personal and financial information, making it more advantageous to use FDS than existing financial companies. Moreover, Toss also discloses limited information about FDS. He said that most of the data that can be used to guess the shortcomings of Toss FDS, such as the number of abnormal transactions that were not detected and the total number of sirens, “are limited in being exposed to the outside world.” (However, if you ignore the warnings of Toss FDS, you will not receive compensation. Therefore, the number of safe compensation is the minimum number of abnormal transactions missed by Toss FDS.
When a user suffers damage from Phone Number List an abnormal transaction, Toss compensates the damage before the results are obtained by simply reporting it to the investigative agency.
It is the so-called ‘Security Compensation System’. Damage from identity theft or voice phishing can amount to up to 50 million won, and damage from second-hand transaction fraud can amount to up to 500,000 won. In 2022 alone, 2,500 users received relief for damages worth 1.6 billion won. Currently, some banks compensate for damage from financial fraud through insurance products, but Toss' Safe Compensation System has a relatively wide range of compensation and simple procedures. Of course, if you ignore the FDS siren warning and send money, you will not be compensated.
If you ignore the siren of Toss FDS and send money, you will not be able to receive compensation for damages through the ‘Safe Compensation System’. Therefore, the number of compensations for the Safe Compensation System is also the number of abnormal transactions that Toss FDS could not catch.
According to < Unusual Challenge >, which summarizes Toss's founding from its founding to 2022 , Toss referenced PayPal's fraudulent transaction compensation system when designing the security compensation system. As payments become simpler, fraudulent transactions will also increase. PayPal does not give up on simplicity, but instead compensates users who are financially vulnerable first when fraudulent transactions occur. The cost that PayPal spent to compensate for fraudulent transactions in 2019 was 1.3 trillion won, or 0.15% of the total transaction amount of 854 trillion won. Compensation is paid first, and part of it is recovered when the investigation results are released.
It is currently unclear whether Toss manages abnormal transaction compensation at the level of PayPal (it did not confirm specifically). However, the cumulative remittance amount through the Toss app has already exceeded 160 trillion won in May 2021 . Among all of Toss' services, including simple payments, the cost paid for the security compensation system is 1.6 billion won, so it appears that the security compensation system is being operated very effectively, at least so far. Of course, FDS is at the center of it all.
The more it hurts, the safer it becomes.
Toss first began building FDS in 2015. However, the opportunity to use it for user protection in earnest was the 2020 incident. Eight Toss users reported that approximately 2 million won was withdrawn from their accounts without their knowledge. Toss claimed that the system was not hacked, but that a third party stole their personal information and made payments, but the final results of the investigation are not known. In the one hour that the incident was reported, the number of people who withdrew from Toss reached hundreds of times the usual number. It was at this time that a new customer protection team was established, procedures and standards for compensation for damages for fraudulent transactions were established, and a safe compensation system was introduced.
Therefore, the performance of Toss FDS needs to be read in the context of this trial and error. Since Toss does not have an offline sales infrastructure, it has no choice but to be more active in attracting and retaining users (preventing withdrawal). It has a massive user base of over 20 million and many services that integrate and analyze personal and financial information, making it more advantageous to use FDS than existing financial companies. Moreover, Toss also discloses limited information about FDS. He said that most of the data that can be used to guess the shortcomings of Toss FDS, such as the number of abnormal transactions that were not detected and the total number of sirens, “are limited in being exposed to the outside world.” (However, if you ignore the warnings of Toss FDS, you will not receive compensation. Therefore, the number of safe compensation is the minimum number of abnormal transactions missed by Toss FDS.