April 20, 2024

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[THE INVESTOR] Financial firms are sharing real-time information about customers who lose their identity cards, in the sector‘s latest effort to protect consumer data and prevent financial scams, the financial regulator said on Nov. 13.

The move is aimed at better protecting the public’s personal information and curbing fears of identity theft, the Financial Supervisory Service said in a statement.

Previously, the FSS had provided information on lost identity cards to financial firms anything from a few hours after being notified to upwards of a few weeks.

The time gap made it harder for financial firms to detect fraud and other abuses, the FSS said.

If people lose their identity cards, they can report it to the FSS‘s website (http://fine.fss.or.kr).

By Alex Lee and newswires (alexlee@heraldcorp.com)