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.