Financial Supervisory Service Checks Shinhan Card Fraudulent Use...Full Investigation If Necessary

[Image source=Yonhap News]

[Asia Economy Reporter Song Hwajeong] The Financial Supervisory Service (FSS) will conduct an inspection regarding the Shinhan Card unauthorized usage incident.

On the 15th, the FSS guided Shinhan Card to make efforts to compensate consumers affected by the unauthorized usage incident and announced plans to conduct separate ad-hoc inspections on the circumstances of the incident, issues, and the adequacy of consumer damage relief.

The FSS plans to conduct a full investigation of all card companies if vulnerabilities are identified as a result of the inspection.

Additionally, the FSS confirmed that the credit card numbers in question were issued in a systematic manner, exposing them to risks of unauthorized overseas use, and instructed Shinhan Card to improve the issuance system of international brand card numbers such as Visa and MasterCard.

Previously, the FSS held a separate meeting with all card companies to guide them to conduct self-inspections of their card number issuance systems.

The FSS stated, "We will guide card companies to compensate for damages caused by unauthorized use and strengthen their Fraud Detection Systems (FDS) to prevent further damage," and added, "We will also inform card members through card companies to use overseas payment blocking services in preparation for unauthorized overseas usage."

This content was produced with the assistance of AI translation services.