Electronic Financial Transactions Act of Korea was enacted to solve the many issues associated with electronic financial transaction in 2007. And the amendment was made over 10 times since then. However, the problems associated with it also appears continuously in accordance with the continuous development of electronic financial transactions. Accordingly, in this paper, we studied the regulations and its problems and improvement of an electronic funds transfer among electronic financial transactions. This paper is composed of all seven chapters, the topics covered in each chapter are as follows : Chapter Ⅰ Introduction : South Korea``s payment system, enactment and amendment of Electronic Financial Transactions Act, and legal issues associated with electronic funds transfer are described. Chapter Ⅱ The significance of electronic funds transfer : Regulations on electronic funds transfer and the significance of electronic funds transfer in South Korea, the significance of electronic funds transfer in the foreign law were summarized. Chapter Ⅲ Legal relationship between the parties to the electronic funds transfer : Legal relationship between the parties to transfer payment, and legal relationship between the parties to collection transfer were studied. Chapter Ⅳ Legal issues associated with electronic funds transfer : Effective time of the electronic funds transfer, transfer error, loss or theft of the access material, assignment of the access material, transfer-related accidents, failure to transfer instructions, error transfer to the recipient were studied. Also my personal opinion about it was said. Chapter Ⅴ Legal issues of telecommunications financial fraud : The significance of telecommunication financial fraud and relief of telecommunications financial fraud victims were described. Chapter Ⅵ Problems and Solutions : We discussed the issues that require amendment of Electronic Financial Transactions Act and General Terms and Conditions for electronic financial transactions, and then proposed improvement measures. Chapter Ⅶ Conclusion : The main information of this papers was summarized.