Woori Bank to Enable Identity Verification with Other Bank Certificates Starting in July

Mutual Integration of "Certificate Identity Verification Service" by Six Banks
Woori, KB Kookmin, and Hana to Launch First in July

Woori Bank announced on May 22 that it had signed a memorandum of understanding (MOU) with six commercial banks at Woori Bank's headquarters on May 21 to enable mutual integration of the "Certificate Identity Verification Service."

Through this agreement, starting in July, Woori Bank, KB Kookmin Bank, and Hana Bank will mutually open the "Certificate Identity Verification Service" on each bank's mobile banking app, allowing customers to use bank-issued certificates for identity verification across institutions.

The "Certificate Identity Verification Service" is a trusted identity verification method designated as an "Identity Verification Institution" after review by the Korea Communications Commission. Customers will be able to freely use certificates issued by other banks within their mobile banking apps. This broadens the range of authentication options for customers and enables safer non-face-to-face identity verification.

The "Certificate Identity Verification Service" uses the PIN, pattern, or biometric information registered when the certificate was issued to verify the user's identity. Compared to the telecom-based identity verification service, which requires entering an SMS authentication code, the process is simpler. In addition, it is effective in preventing financial accidents that can result from fraudulent activities such as USIM card cloning or the use of burner phones.

In particular, Woori Bank's "Woori WON Certificate" completely blocks certificate fraud caused by ID theft or the use of burner phones by comparing the applicant's face with their ID during the issuance process through facial recognition. Furthermore, Woori Bank was the first among commercial banks to introduce the "Mobile Safety Plus Service," which detects attempts at fraud using budget phones and abnormal transaction patterns in real time, helping to prevent financial accidents in advance.

Bank President Jung Jinwan said, "This case, in which commercial banks in competition are cooperating for customer convenience, is a remarkable innovation," adding, "We will continue to provide customers with more choices and enhanced convenience to create an even safer environment for non-face-to-face financial transactions."

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