Six-Digit PIN Numbers for Bank and Credit Cards to Be Implemented This April

The current four-digit personal identification numbers of bank and credit cards will be changed to six-digit numbers starting this April. Moreover, for the first time, an inspection of the financial management network of foreign financial companies that are in operation within our country will be carried out.

It was reported on February 18 that, in order to enhance the safety of electronic banking, the Financial Supervisory Service will replace current magnetic stripe bank and credit cards with IC cards that have integration built in starting this April. Customers issued a new card should use a six-digit personal identification number, and existing customers will have to change their personal identification numbers to six-digits when they renew their cards at their expiration.

The general manager of the IT division at the Financial Supervisory Service, Kim Yong-bum, explained, “A case of duplicating cards is frequent because of easy surreptitious use of personal information for magnetic cards, and discovering four-digit personal identification numbers is not that hard if you stare at or attempt to put the date of the cardholder’s birthday. Thus, we decided to introduce IC cards and add more digits to personal identification numbers in order to prevent illegal usage by others”.

In order to prevent leakage of customer information, the Financial Supervisory Service is scheduled to inspect both the foreign IT divisions for five domestic financial companies, including four banks and one insurance company, and the financial management network of two foreign financial companies that are conducting business in our country. If they find a problem, they will expand the number of targets for inspection.

Keuk-In Bae bae2150@donga.com