Bungaejangter: "500 Days of Secure Payments, Fraud Down and Transactions Up"

"We Aim to Become the Safest and Most Convenient Recommerce Platform"

On December 17, Bungaejangter celebrated 500 days since the full implementation of its secure payment system and released its achievements so far.

According to an analysis of transaction data over the 500 days since the introduction of the secure payment system in July last year, fraud cases decreased by 95% compared to before the implementation, while the number of transactions more than doubled.

Bungaejangter celebrated 500 days since the full implementation of its secure payment system and disclosed its achievements so far. Bungaejangter

User metrics also expanded. During the same period, the number of monthly buyers increased by 126% year-on-year, and the number of sellers grew by 125%. Transaction speed also improved. Within just one year of introducing the secure payment system, the rate of sales completed within 14 days more than doubled compared to the previous period. The introduction of secure payment led to increased purchases, which resulted in higher sales for sellers, creating a virtuous cycle that further attracted more sellers to the platform.

Bungaejangter operates an automated fraud detection system based on big data and machine learning. If scam patterns such as account numbers or phone numbers are detected in the in-app messenger ‘BungaeTalk,’ an automatic warning notification is sent, and if clear signs of fraud are confirmed, the conversation is immediately blocked. In the event of damage, user protection measures are also implemented, such as account sanctions and providing guidance on reporting to investigative authorities.

A Bungaejangter representative stated, "We will continue to enhance our technology and strengthen our operational policies to establish ourselves as the safest and most convenient recommerce platform."