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The chief of the nation’s monetary regulator Thursday urged bank card companies to redouble efforts to guard buyer information, citing a current information breach case.
In a gathering with heads of bank card companies and credit score finance corporations, Lee Eog-weon, chairman of the Monetary Providers Fee (FSC), mentioned his company will sternly punish any negligence in shopper safety.
His remarks got here as Lotte Card, the nation’s fifth-largest card issuer, in September revealed private information of some 3 million prospects had been leaked in a hacking incident.
The FSC earlier warned that it might take stern measures in opposition to any rule violations by Lotte Card, vowing to impose the highest-ever penalty on the cardboard issuer ought to there be any critical violation.
Lee mentioned the info breach case make clear card companies’ complacency in shopper safety.
“Card companies have been lax in defending shoppers whereas specializing in price financial savings and others,” Lee mentioned.
The chief regulator additionally harassed that card companies want to chop fee charges for small retailers and low-rated shoppers.
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