S. Korea Suspends Credit Firms After Data Theft

What's Next In Payments®
7:50 PM EDT March 11th, 2014

Three credit agencies in South Korea have been suspended for three months in the wake of a large-scale data theft.

The South Korean Financial Service Commission (FSC) suspended the Lotte Group, NH Financial Group Inc. and KB Financial Group Inc. A 10-day appeal period will end on Feb. 14, Koh Seung Beom, FSC secretary-general, told reporters on Feb. 3, according to Bloomberg News.

The theft may have affected up to 60 million cards. Several high-level executives from KB and Lotte resigned following public disclosure of the breach.

Learn more about the still-developing data breach crisis in South Korea by clicking here.

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