Seoul: The chief of the country's financial regulator Thursday urged credit card firms to redouble efforts to protect customer data, citing a recent data breach case. In a meeting with heads of credit card firms and credit finance companies, Lee Eog-weon, chairman of the Financial Services Commission (FSC), said his agency will sternly punish any negligence in consumer protection.

According to Yonhap News Agency, Lee's remarks came as Lotte Card Co., the country's fifth-largest card issuer, in September revealed personal data of some 3 million customers had been leaked in a hacking incident. The FSC earlier warned that it would take stern measures against any rule violations by Lotte Card, vowing to impose the highest-ever penalty on the card issuer should there be any serious violation.

Lee stated that the data breach case shed light on card firms' complacency in consumer protection. He emphasized that card firms have been lax in protecting consumers while focusing on cost savings and other priorities. The chief regulator also stressed the need for card firms to cut commission rates for small merchants and low-rated consumers.