FSS Consumer Protection Task Force Announces First Initiatives... Card Cancellation Process to Be Simplified

For urgent card password changes or cancellations,
just tap the siren icon in the app

The Financial Supervisory Service (FSS) Consumer Protection Planning Task Force, launched at the end of last month under the leadership of Governor Lee Chanjin, has unveiled its first set of initiatives. The FSS plans to improve mobile application systems so that, in emergency situations such as card loss or information leakage, consumers can easily cancel products, change passwords, and perform other actions.

On the 30th, the FSS announced an industry-led voluntary improvement plan to simplify the card cancellation process as one of the task force's initiatives. This is the first time the task force has announced its action plans since its launch on September 29.

Currently, card application and web homepage menus are complicated, with related options scattered throughout. Even if a consumer urgently wants to cancel a card, they may struggle to find the right menu.

Going forward, the FSS will change the system so that users can simply tap a red siren icon placed at the top of the main screen on card apps and web homepages. Tapping the icon will take users to a dashboard containing management menus such as password change, usage limit adjustment, domestic and overseas usage suspension and reactivation, card cancellation, and reissuance.

The FSS will also expand the automated response system (ARS) for usage suspension to weekends and nighttime hours. Even without specific reasons such as theft or loss, consumers will be able to request urgent card suspensions through the call center. This improvement is aimed at vulnerable groups who may not be familiar with mobile apps or PC web platforms.

Currently, the ARS system only accepts weekend and nighttime suspension requests if there is a reason such as theft or loss. During nights or weekends, call centers have only handled limited tasks such as theft, loss, or voice phishing reports.

From now on, the FSS will allow usage suspension requests for any reason from the first menu of the call center during weekends and nighttime hours. This means consumers will be able to easily suspend card usage 24 hours a day through the call center.

The card cancellation process will also be simplified. Currently, if a consumer holds only one card from a particular card company, they must speak with a representative to cancel it. Going forward, consumers will be able to complete the cancellation immediately via the app or web without speaking to a representative.

The system will also inform users of any remaining points or other essential information so they can use them before cancellation. If there are any unpaid balances, the cancellation process will be completed once the outstanding amount is paid.

If a consumer holds cash-equivalent assets, such as livelihood recovery consumer coupons, that are difficult to use through the card company’s app, or if there is insufficient balance in the payment account, cancellation will only be processed through a representative when it is unavoidably difficult to complete the process immediately without a call.

An FSS official stated, "After each card company completes its system development, we plan to implement these improvements within this year. We will encourage the smooth adoption of these measures and continue to strengthen the protection of card consumer rights in the future."

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