SEOUL, May 20 (Korea Bizwire) – No more certificate of authentication is required to make transactions at online stores. On May 19, the Financial Services Commission and the Financial Supervisory Service announced that online transactions can be made without certificates of authentication which used to be a mandatory procedure for purchases over 300,000 won, starting [...]
SEOUL, May 19 (Korea Bizwire) - The reduction of transaction fees charged by Visa Card and MasterCard to domestic credit card companies sought by the financial authorities of Korea is likely to be postponed to the next year, Yonhap News reported on May 18. Earlier in November last year, Korea’s Financial Services Commission and Financial [...]
SEOUL, May 13 (Korea Bizwire) – Again, financial accidents were happened by stealing information of Samsung’s App card holders, which resulted some 60 million won of damage from scores of clients. Especially, more damage is expected as six credit card companies including Samsung share the same standard of mobile app card. According to the Financial [...]
SEOUL, Korea, April 17, 2014 (Korea Bizwire) – Financial incidents never seem to go away these days. By the time one scandal steps off from the list of primetime news, another breaks out. Not that Koreans are total strangers to financial disasters but the problem is that various types of incidents are happening at different [...]
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 [...]
SEOUL, Korea, Mar 27 (Korea Bizwire) – On March 25, the news that the Financial Services Commission and the Financial Supervisory Service would take follow-up measures to protect personal information arrived in the financial sector. With hundreds of millions of personal information already exposed, financial authorities appear to focus on the damage control. As domestic [...]
SEOUL, Korea, Mar 10, 2014 (Korea Bizwire) – Under a severe downturn for years, the securities industry is now experiencing an internal discord between the management and the union over the issue of downsizing. According to disclosure data, the total number of employees in the securities industry as of last year was 40,243, down 5.97 [...]
SEOUL, Korea, Mar 6 (Korea Bizwire) – All the POS terminals used in commercial establishments that are compatible with magnetic stripe cards will be replaced with IC terminals by the end of this year, as the magnetic stripe cards are known to be vulnerable to personal information theft. In order to enforce the rule forcefully, [...]