KFTC Launches Financial Authentication Service Replacing Public Certification
First Applied to Woori Bank on the 17th
Most Banks to Issue from the 10th of Next Month
[Asia Economy Reporter Park Sun-mi] On the 17th, the Korea Financial Telecommunications & Clearings Institute announced that it has applied the 'Financial Authentication Service,' which will replace the Public Certification Service, for the first time to Woori Bank's (Woori One Banking).
The Financial Authentication Service is expected to be issued by most banks starting from the 10th of next month, beginning with Woori Bank's Woori One Banking. Financial Authentication is a service that allows customers to store their financial certificates securely in the Korea Financial Telecommunications & Clearings Institute's safe cloud without the need to install unnecessary programs, enabling access anytime and anywhere through customer devices (PC, mobile).
Once issued, it can be used not only at banks but also in various places requiring identity verification, such as government civil services. Instead of a complex password of 10 or more characters including special symbols, a simple 6-digit numeric password, a pattern (unlock gesture), or fingerprint can be used.
The validity period is three years, and automatic renewal is possible.
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A representative from the Korea Financial Telecommunications & Clearings Institute said, "In line with the government's innovation direction for authentication systems, we have significantly enhanced the security of the Public Certification Service and greatly improved convenience, achieving a high-quality authentication service that captures both safety and ease of use." "With a single issuance, it can be used not only at all banks but also in various places requiring identity verification such as government civil services, and it is expected to establish itself as an integrated authentication method not only in the financial sector but also in various fields."
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