Massive Data Breach on Korean Leading Credit card Companies - BestCyberNews: Online News Presenter in the present world

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Massive Data Breach on Korean Leading Credit card Companies

More than 100,000 customers Personal information was compromised and found to have been stolen from leading credit card companies.

Watchdog Financial Supervisory Service discovered that the corresponding data had been leaked from Shinhan, KB Kookmin, NH NongHyup cards, as well as from Kwangju Bank, officials said last Friday.

The discovery was made during an investigation of a group of hackers that had penetrated the storage server of a point-of-sale (POS) company and stole 3.2 million pieces of credit card usage records. 

A POS device, which includes a debit and credit card reader, collects user names, contact information, credit card numbers and other confidential information for transactions in money and goods.

The hackers allegedly obtained passwords for OK Cashbag cards, a widely used mileage card, and withdrew some 102 million won ($115,108) from credit cards, investigators said, knowing that many use the same passwords for all their cards.

According to FSS, the companies using the POS system to install security programs on every device. Less than half of the 350,000 POS devices used across the country are equipped with such software

The Financial Services Commission, the financial regulator, said it will push for the replacement of the current POS device with an integrity chip (IC) reader, which provides a higher level of security protection, starting from July.

Credit card firms will raise 100 billion won to help small shops and retailers buy new IC chip-installed devices, the regulator added.



Author Venkatesh Yalagandula Follow us Google + and Facebook and Twitter

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