Automated Compensation for Exchange Rate Losses from Overseas Card Payment Cancellations

The Financial Supervisory Service is 추진ing improvements to the system so that consumers can automatically receive compensation, without a separate application, for foreign exchange losses that may occur when canceling a credit card payment made at an overseas merchant. Currently, when an overseas card payment is canceled, the refund is based on the exchange rate at the time of the original transaction. However, at overseas small merchants and similar cases, the payment and cancellation information do not match exactly, so even if a loss occurs due to a drop in the exchange rate, consumers sometimes had to directly request compensation from the card issuer. The FSS plans to upgrade the relevant systems together with the Credit Finance Association and introduce a procedure in which a 담당자 will additionally review cases that are not automatically compensated and provide compensation. In addition, going forward, it will also inform consumers of amounts canceled after payment in won, as well as canceled foreigncurrency amounts. Guidance on the system will be strengthened immediately, and system improvements and other measures will be implemented starting next year.