[Financial IT Forum] Team Leader Yu Jaepil: "Standardization of Technologies like Authentication and API Must Precede"

Yu Jaepil, Head of the MyData Team at the Financial Security Institute, is giving a presentation on the topic of "Financial MyData and Information Security" at the 11th Asia Economy Financial IT Forum held on the 25th at the Westin Chosun Hotel in Jung-gu, Seoul. Photo by Kang Jinhyung aymsdream@

[Asia Economy Reporter Kangwook Cho] Yoo Jae-pil, head of the MyData team at the Financial Security Institute, emphasized that "standardization of MyData technologies such as authentication and APIs must precede to enhance the security, stability, scalability, and convenience of MyData services."

At the '11th Asia Economy Financial IT Forum' held on the 25th at the Western Chosun Hotel in Seoul, hosted by Asia Economy and the Financial Security Forum, Yoo highlighted key MyData information security measures including ▲establishing a safe and convenient authentication system ▲using trustworthy methods (standard APIs) ▲formulating protection measures for MyData participants ▲supporting testbeds for MyData service development.

In particular, he stressed the need to establish a secure authentication system through strong identity verification using multi-factor authentication, multi-factor public key certificates, and non-face-to-face real-name verification methods, while simultaneously providing both individual and integrated authentication to enhance customer convenience. He also pointed out that instead of screen scraping?which extracts data visible on the screen to collect personal credit information?information tokens issued by the information provider should be used upon the customer's request to transmit personal credit information.

Yoo explained, "MyData operators with over one million users must mandatorily register with the Financial Security Institute’s Financial Security Monitoring Center," adding, "Furthermore, MyData participants will provide safe and reliable services by self-verifying the compliance of APIs related to personal credit information transmission and authentication before service implementation."