Saturday, Jul 26, 2014Saturday, Jul 26, 2014
News
 

South Korean credit card firms punished for data leak

Published on Feb 16, 2014 8:49 PM
 

SEOUL (AFP) - South Korean regulators on Sunday suspended some operations of three credit card firms as punishment for the unprecedented theft of financial data on more than 20 million people.

The country's largest-ever theft of personal financial data from KB Kookmin Bank, Lotte Card and NH Nonghyup Card involved more than 40 per cent of the country's 50 million population.

The case provoked fury when revealed by prosecutors last month, with thousands flooding the firms' branches for days to cancel credit cards or get new ones.

The three credit card companies will be banned from issuing new credit cards for three months until May 16, the Financial Supervisory Commission (FSC) said on Sunday.

 
If you are not a subscriber, you can get instant, unlimited access here