It has been found that the share of losses borne by consumers for fraudulent card use such as theft, loss, and forgery varies by card company. Since consumers of certain card companies could shoulder larger losses when fraud occurs, there are calls for the financial authorities to prepare measures.
According to "card fraudulent use expense burden rate" received by People Power Party lawmaker Lee Yang-su's office from the Financial Supervisory Service on the 24th, the average liability-sharing ratio of eight standalone card companies (Hana, Hyundai, Lotte, KB, BC, Shinhan, Woori, Samsung) in the first half of this year was 59.1%. The lowest share was Samsung Card (45%). The company that bore the most responsibility was Hana Card (80%).
In recent years on an annual basis, card companies have generally maintained similar sharing ratios. From 2020 to 2024, Hana Card kept a 70%–80% share. During the same period, KB Kookmin Card and Lotte Card were in the 60%–70% range, Shinhan Card was in the 50%–60% range, and Woori Card was in the 40% range. Except for 2021 (69%), Samsung Card maintained a sharing ratio in the 40%–50% range.
However, BC Card, which is also entrusted with member loss-reporting services, showed a wide range at 20%–50%, and Hyundai Card increased from the 40% range in 2020 to the 70% range in 2023.
Large differences in sharing ratios by card company and the consistency of each company's level appear to be due to differing investigation and compensation standards at each firm. The Credit Finance Association revised best practices on compensation for card loss and theft accidents with the financial authorities in 2022. However, because these are self-regulatory, card companies conduct accident investigations and compensation reviews according to their internal standards. In the end, it is a structure in which card companies can unilaterally decide their liability-sharing ratios.
After an investigation, a card company can hold a member or merchant responsible and apportion the loss amount. The financial authorities do not separately intervene in adjusting sharing ratios unless there is a consumer complaint.
As fraudulent use cases have been increasing recently, some say the authorities should establish uniform compensation standards. This is because, when damage occurs, users of certain card companies may have to bear a larger share of the losses.
According to the Financial Supervisory Service (FSS), cases of card fraud increased from 20,210 in 2020 to 21,249 last year, and the loss amount rose from 6.1 billion won to 7.4 billion won. As overseas travelers increased, issuance of travel cards rose, and losses appear to have increased accordingly. There are also concerns that the risk of fraudulent use could grow as cyberattacks targeting financial companies such as Lotte Card have occurred recently.
Lee Yang-su said, "Since consumers of certain card companies could shoulder a greater burden when fraud occurs, measures by the financial authorities are needed."