SKorea credit card data theft highlights lapses

Published on NewsOK Modified: January 20, 2014 at 9:11 am •  Published: January 20, 2014
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SEOUL, South Korea (AP) — A massive theft of customer data from three major credit card firms in South Korea has shown security lapses in the financial industry.

First revealed by prosecutors, the theft of information linked to 80 million credit cards such as salaries, monthly card usage, credit rating and card numbers has sparked widespread public concern. Cardholders are flocking to bank branches and overloading call centers and service websites to find out if their information was stolen.

Local media said the theft may have affected most credit card holders in a country of 50 million people. Prosecutors and the financial regulator said no financial losses have been reported.

Financial Services Commission Chairman Shin Je-yoon said in a statement Monday that the credit card companies had failed to ensure adequate security.

The chief financial regulator urged the companies to be vigilant about data theft not only by hackers but also by employees and contractors. South Korean financial firms, media companies and governments have fallen victim to cyberattacks in the past with local authorities blaming North Korea as a culprit in some cases.

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