SEOUL, July 14 (Korea Bizwire) – A special service by a Korean credit card company enabling users to restrict overseas usage of their own credit card by themselves to prevent fraud is gaining popularity.
According to BC Card, provider of the “Self On-Off” service, the number of users of the service increased from 5,302 in 2013 to 18,782 in the first half of this year, for a jump of 254.2 percent.
By card type, the service usage for check cards increased more than eight times to 5,548 cases from 604 in 2013. For credit cards, it increased to 13,234 cases in 2015, up 181.7 percent from 2013’s 4,698 cases.
The surge in use of the service with check cards can be explained by a government policy to increase check card usage.
BC Card began the service in 2003 to prevent fraudulent overseas usage of its credit cards through illegal duplication, hacking, smishing and other methods. Customers can use the service by simply logging in to the BC Card site. Last year, the company launched a smartphone app for the service.
An official at BC Card said, “The overseas usage restriction service can be configured by users, and it is becoming more important with an increase in the illicit use of Korean cards in overseas markets. We will try our best to offer the safe usage of credit cards as we have provided the service for the past 12 years.”
By M. H. Lee (firstname.lastname@example.org)