SEOUL, Mar. 5 (Korea Bizwire) — Shinhan Card has introduced a ‘Self FDS (Fraud Detection System)’ service available in overseas countries for the first time among Korean banks, said the company on March 4.
The current FDS service employed by Shinhan Card was conducted by a pattern analyzing program which detects any abnormalities based on accumulated transaction data. The program was vulnerable to country changes and the use of foreign websites, which both occur frequently these days for cosmopolitan travelers and consumers.
The new Self FDS enables users to register information for their frequently occurring transactions. Users can set preferred or scheduled countries, store types, dates and purchase & cash withdrawal limits for their transactions. If transactions outside these presets occur, payments are automatically declined. The service is free for Shinhan Card customers.
Overseas travelers or shoppers using foreign online stores can set such information on the Shinhan Card website or smartphone app to prevent any fraud.
By J.W. Choi (summerchoi@koreabizwire.com)
