Korea’s Shinhan Card vetting card numbering scheme following payment issues

There has been reports of unauthorized payments from its gift cards.

South Korea’s Shinhan Card will likely overhaul its card numbering scheme after reports of unauthorized payments.

There have been reports of unauthorized payments of its gift cards on online shopping platforms, according to Yonhap, based on a report by Shinhan and the Financial Supervisor Service (FSS).

However, there has not been any reported crime involving these cards so far.

Shinhan Card's serial numbering system of its cards has been reported to be a source of such unauthorized payments. Multiple Shinhan cards have been assigned identical 14 or 15 digits of the 16-digit serial numbers, with the same date of expiration, the card firms and FSS stated.

This meant a bunch of card numbers was assigned either in a linear order or with mostly similar digits, according to the regulator.

Follow the link for more news on

South Korea card payments

Also Read

What's in store for payments in 2025?

Banks may be ill-equipped for demands of real-time payments

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit