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These are the fake 10-billion won checks that were cashed in the middle of last year -- a
jaw-dropping incident that proved that forgery on a large scale is still possible to this
day. Ten-billion won translates to roughly 10-million
U.S. dollars. To prevent further counterfeit checks,...
financial authorities have decided to adopt new security-enhanced designs.
"We have made the letters that read 'cashier's check' change color. Depending on which angle
it's looked at,... the letters will be either purple or green."
At the beginning of next month, ATM machines will no longer accept magnetic stripe cards.
People will have to use what's called integrated circuit cards, or IC cards, to prevent people
from using magnetic stripe cards that were duplicated from the original.
As for cash advances, the terminology will change.
"Cash advance services" using credit cards will now be called "short-term card loans."
This is to make it clear to consumers that the service is a type of a loan, and not a
cash withdrawl service.
2014 also proves to be a better year for those that own domestic automobiles.
Auto insurance for domestic cars will be slashed by an average of 2-point-9 percent, while
those that own imported cars will pay more,... by an average of 11-point-3 percent.
Finally, financial authorities have strengthened the penalties for accounting fraud.
Presidents of companies, or executive level personnel, found guilty now face up to seven
years in prison and 65-thousand U.S. dollars in fines.
Yoo Li-an, Arirang News.