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Card issuers in South Korea cannot hold consumers liable for all financial losses if card personal identification numbers mistakenly land in the wrong hands, the South Korean Supreme Court ruled Monday. The court ruled that issuers no longer can make their customers sign a contract pledging all responsibility for financial losses from lost PINs. However, cardholders might have to prove that they bear no fault for losing PINs, the ruling states, The ruling came in connection with a 2005 lawsuit filed by a cardholder who sued Kookmin Bank's KB Credit Card unit over fraud losses.
