Home > National > Social Affairs

Financial regulator calls on credit card firms to better protect customer data

Published: 20 Nov. 2025, 13:33

Lee Eog-weon, the chairman of the Financial Services Commission, answers a question during a parliamentary inspection of his agency at the National Assembly in western Seoul on Oct. 20. [YONHAP]

The chief of the country's financial regulator urged credit card firms to redouble efforts to protect customer data on Thursday, citing a recent data breach case.

In a meeting with heads of credit card firms and credit finance companies, Lee Eog-weon, chairman of the Financial Services Commission (FSC), said his agency will sternly punish any negligence in consumer protection.

His remarks came as Lotte Card, the country's fifth-largest issuer, in September revealed that the personal data of some 3 million customers had been leaked in a hacking incident.

The FSC earlier warned that it would take stern measures against any rule violations by the company, vowing to impose the highest-ever penalty on the card issuer should there be any serious violations.

Lee said the data breach case shed light on card companies' complacency in consumer protection.

"Card firms have been lax in protecting consumers while focusing on cost savings and other concerns," Lee said.

The chief regulator also stressed that card firms need to cut commission rates for small merchants and consumers with weak credit scores.

Yonhap