How to Use the New Financial Authentication Service

Public Certificate Abolished in 10 Days

[Asia Economy Reporter Park Sun-mi] Starting from the 10th, when the public certification system is abolished, most banks will allow the use of the Financial Authentication Service.

On the 3rd, the Korea Financial Telecommunications & Clearings Institute (KFTC) announced that ahead of the implementation of the Financial Authentication Service, which combines both convenience and security, in line with the amendment of the Electronic Signature Act on the 10th, it is preparing for the launch.

The Financial Authentication Service issues and stores financial certificates securely in the KFTC's cloud, allowing users to access the cloud anytime and anywhere via PC or mobile. This authentication service is jointly operated by the KFTC and the banking sector, and any bank customer using internet or mobile banking can use it free of charge.

The first bank to adopt this service was Woori Bank. It has been available on Woori WON (WON) Banking since the 17th of last month. Based on the full-scale implementation in the banking sector on the 10th, the KFTC plans to continuously expand the institutions where the service can be used, including Government24, the National Petition Portal, Subscription Home, and Hometax.

The Financial Authentication Service is implemented using web standards (HTML5), providing convenience as it does not require separate app or plugin installations. It can be used on various devices, operating systems (Windows, Mac, Linux, etc.), and browsers (IE, Chrome, Safari, etc.). The service can be accessed using a 6-digit simple password (PIN), pattern, fingerprint, facial recognition, etc., and offers even easier use through automatic cloud connection and setting favorite financial certificates.

The financial certificate is issued after thorough identity verification either face-to-face or non-face-to-face at the bank, ensuring the same reliability as the public certification system. Additionally, the financial certificate is encrypted and stored in the cloud, and its transfer or copying is prohibited to securely manage the certificate. Customers can check their authentication history, and the service provides safe authentication through institution management, Fraud Detection System (FDS), and customized security settings (authentication time, region).

There is no need to obtain a financial certificate from each bank separately; only one certificate is required. Of course, public certificates issued before December 10th can also be used together.