Korea Federation of Savings Banks Launches 'SB Hanaro Authentication'... "One-step Authentication with Biometric Information"

SB Hanaro Authentication Service image. Photo by Korea Federation of Savings Banks

[Asia Economy Reporter Song Seung-seop] The Korea Federation of Savings Banks announced on the 10th that it has officially launched the biometric authentication service ‘SB Hanaro Authentication’.

This authentication service simplifies real-name verification within the industry’s joint mobile banking application ‘SB Toktok Plus’. Although it started on the 29th of last month in line with the open banking launch schedule, it has undergone a stabilization period and is now being fully utilized from today.

App users can open accounts without going through the 3 to 4-step non-face-to-face real-name verification process by pre-registering their biometric information. This is the first service of its kind offered in the financial sector based on a mobile banking app. The Federation expects increased convenience as many SB Toktok Plus users tend to open multiple savings bank accounts.

However, to ensure system stability and protect personal information, real-name verification information of service subscribers must be updated every three months. Service use is not possible with outdated information to prevent misuse and abuse.

Additionally, to prevent the use of forged accounts and voice phishing damage, service usage hours are limited to weekdays from 9 a.m. to 6 p.m. There are also plans to restrict service subscriptions by users of budget phone carriers, who have recently been frequent victims of forged account fraud.

Choi Byung-joo, Executive Director of the Korea Federation of Savings Banks, emphasized, “Customers who distribute their time deposits across multiple savings banks can easily open multiple accounts by using the SB Hanaro Authentication service.”

This content was produced with the assistance of AI translation services.