An IT worker reportedly stole credit card details of around 20 million South Koreans and sold them to marketing firms.
The computer contractor working for the Korea Credit Bureau that produces credit scores stole the data including names, social security numbers and card details.
According to the BBC, the scale of the theft became apparent after the contractor and the managers at the alleged marketing firms buying the stolen data were arrested.
The IT worker gained accessed to the trove of consumer data and copied it on a USB stick due to the access Korea Credit Bureau enjoys to databases run by three big South Korean credit card firms, KB Kookmin Card, Lotte Card, and NH Nonghyup Card.
The bosses of the three credit card companies who were hit by the data breach made public apology to the consumers affected by the theft.
Meanwhile, the Financial Services Commission, Korea's national financial regulator, said that the credit card firms would cover any financial losses caused to their customers due to the latest accident.
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An official at the FSC said that the data was easy to steal because it was unencrypted and the credit card firms did not know it had been copied until investigators told them about the theft.
Recently, US retailer Target Corp. was also hit by a similar credit card hack attack that put details of around 110 million consumers at risk.