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South Korea: FSC notifies consumers of theft of credit card information
The Financial Services Commission ('FSC') and the Credit Association published, on 3 July 2020, a notice to consumers that they had conducted investigations in cooperation with the police into credit card information thefts, and provided guidance measures to financial consumers and institutions. In particular, the FSC highlighted that anti-fraud systems used by financial provides need to be implemented and strengthened, this includes notifying consumers of unusual credit card activity and declining payments relating to such activity. Furthermore, the FSC and Credit Association advised that consumers related to any credit card information theft to allow their financial providers to reissue new cards and that damages from credit card thefts may be fully compensated by the financial provider concerned. Lastly, the two authorities established that point of sales terminals have been applied through new information protection technology standards to encrypt and safeguard information greater.
You can read the press release here and download the notice here, both only available in Korean.