Credit cards of 20 million South Koreans have been stolen… by one man

South korea

Credit card information, as well as other personal details, has been stolen from 20 million South Koreans.

20 million is roughly 40% of South Korea’s population, and the data was stolen by one person, a man who was on contract working an IT job for Korea Credit Bureau. The company offered fraud detection services, as well as risk management, and dealt with KB Kookmin Card, Lotte Card and NH Nonghyup Card, three of the companies that were affected the most.

The thief had been stealing credit card details, using a USB drive, as well as other information such as address and identification numbers, since 2012. He has been arrested by the Korean government, and the three main credit card companies have all apologized, and many of those in upper management have offered their resignations. According to CNN, the first to accept any resignations was Nonghyup Bank, and the person stepping down is their CEO, Sohn Kyoung-ik.

The Korean government have begun their own investigation and regulators in charge of finance have said that the “relevant credit card companies will compensate for any financial loss caused by the latest incident.”

[via CNN, Mashable, BBC News]

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  • New Moon

    Here in the YOU K, pretty much everyone at the top of the government literally says “It’s OK to be greedy, if you are poor you have low IQ, if you are rich/greedy you have high IQ!” They just short of saying “It’s OK to be irresponsible!” which I believe lies at the heart of them once the responsibility becomes too big.

    Last week I was travelling on a train. I overheard a conservation between two men behind me talking. One man told another man that he was told by a senior deputy head of ****** ******** that there would be a lot more difficult time ahead. I couldn’t believe what I heard, as it was contrary to what I saw in the news such as economy is catching up, house price is up, shares up, everything’s up, you know. People in the know know exactly what is happening and what will come forth, but they are withholding this vital information from the general public.

  • Mike S.

    [@Ashraf] And held responsible not just corporately, but societally.

  • [@Bruce Fraser] That’s for sure. Over here the CEO’s would wait to get fired and then collect their golden parachute. Hopefully it would drag them right to the ground when someone throws them out the window.

  • Ashraf

    [@Bruce Fraser] In general, I’ve found executives of Asian companies — especially Japan and South Korea — are held far more accountable than executives of American or European companies.

  • Bruce Fraser

    CEOs and other executives resigning, because of their lack of system controls? Imagine that happening in some North American or European company. Even better, imagine that happening without the resignee bailing out with a multi-million dollar parachute. I admire their corporate ethics.

  • Ashraf

    40% of the population’s info was stolen? Someone give this guy an award for the most successful scheming, ever.

    Not that I’m encouraging it. Nope.