According to the Financial Supervisory Service, some Shinhan Card customers recently suffered damage such as paying millions of won overseas without their knowledge due to overseas theft.
First, the Financial Supervisory Service confirmed that the card in question had a loophole in the card number system and guided all card companies to self-inspection. The credit card in question is being criticized for being vulnerable to fraudulent use because card numbers are issued regularly. The Financial Supervisory Service has decided to improve the card number issuance system for international brand cards such as Visa and MasterCard.
In addition, the Financial Supervisory Service is mandated to actively compensate for damage caused by illegal use to protect financial consumers. In addition, he instructed credit card companies to strengthen the abnormal financial transaction detection system (FDS) to prevent further damage. All credit card companies were instructed to inform card members to use the overseas payment blocking service in preparation for overseas illegal use.
The Financial Supervisory Service is also planning to conduct a separate, frequent inspection of Shinhan Card. The plan is to identify the circumstances of the accident, problems, and the appropriateness of consumer damage relief.
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