SEOUL, Oct. 4 (Korea Bizwire) – South Korea said Tuesday it will introduce a new system to enable reporting multiple credit cards lost or stolen with just a single phone call.
So far, card holders have been required to report separately to each card issuer.
South Korean adults have an average of 3.4 credit cards, according to government data.
Under the measure to take effect on Wednesday, they can make a single phone call to any of the eight credit card firms and 11 banks joining the initiative to report credit cards lost or stolen, the Financial Services Commission (FSC) said.
Toll-free calls will be available 24 hours a day, seven days a week.
The commission added it will expand the service in cooperation with the Financial Supervisory Service and the Credit Finance Association to involve more local banks and allow reporting through web sites or mobile apps.