Beginning in June this year, credit card companies won’t be supposed to require new card applicants to enter their national identification numbers on the card application forms.(image:Kobizmedia)
SEOUL, Korea, April 14, 2014 (Korea Bizwire) – Beginning in June this year, credit card companies won’t be supposed to require new card applicants to enter their national identification numbers on the card application forms.
Given credit card issuers have not found an alternative way to identify customers, however, the companies will be allowed to ask phone callers to type in their national ID numbers for the time being for identification purposes.
The Financial Services Commission and the Financial Supervisory Service held on April 11 a meeting to discuss ways to strengthen personal information security and decided to reduce the required fields that credit card applicants must fill out in their forms to eight from the current 39.
Under the newly enforced rule, the applicant may enter a minimum number of required data such as name, home address, phone number, email address, payment account number, payment date, billing address, and credit limit.
In addition, the financial regulators will mandate card companies to provide a free-of-charge text message alert service to their customers every time a credit card transaction in excess of 50,000 won is made.
Written by Sean Chung (schung10@koreabizwire.com)
Policies & Law (Follow us @Policynews_Korea)
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