80 million credit cards information stolen in South Korea

January 21, 2014

SEOUL — A large theft of buyer knowledge from three main bank card companies in South Korea yesterday (Jan 20) has proven safety lapses within the monetary business.

First revealed by prosecutors, the theft of data linked to eighty million bank cards akin to salaries, month-to-month card utilization, credit standing and card numbers has sparked widespread public concern. Cardholders are flocking to financial institution branches and overloading name centres and repair web sites to seek out out if their info was stolen.

Local media stated the theft might have affected most bank card holders in a rustic of fifty million individuals. Prosecutors and the monetary regulator stated no monetary losses have been reported.

Financial Services Commission Chairman Shin Je Yoon stated in a press release yesterday that the bank card corporations had failed to make sure satisfactory safety.

The chief monetary regulator urged the businesses to be vigilant about knowledge theft not solely by hackers but in addition by staff and contractors. South Korean monetary companies, media corporations and governments have fallen sufferer to cyberattacks up to now with native authorities blaming North Korea as a wrongdoer in some instances.

But the newest knowledge breach uncovered how confidential buyer knowledge was poorly managed by monetary companies.

Prosecutors stated final week that an worker of Korea Credit Bureau, a contractor, stole the info starting 2012 by copying knowledge to a USB system.

Prosecutors stated the employee, who was chargeable for the event of latest software program to detect bank card fraud, bought the info to a loans firm.

The stolen knowledge from Lotte Card and the bank card models of KB Financial Group and NongHyup Bank was unencrypted, based on Mr Cho Sung Mok, a director on the Financial Supervisory Service.

He stated the businesses have been unaware of the theft till prosecutors started an investigation.

NongHyup Bank’s card division didn’t discover the info breach for greater than a yr whereas KB was unaware for over six months.

Chiefs at bank card companies apologised and authorities have vowed to beef up safety measures.


80 million credit cards information stolen in South Korea
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