[Q&A] Abolition of Public Certificate on the 10th... How to Use 'Identity Verification' Financial Authentication Service?

Authentication Service Jointly Conducted by Korea Financial Telecommunications and Clearings Institute and Banks
Free for All Bank Customers Using Internet and Mobile Banking

[Asia Economy Reporter Park Sun-mi] Starting from the 10th, the existing public certification service will be abolished in accordance with the revised Electronic Signature Act. The Korea Financial Telecommunications & Clearings Institute (KFTC), which has been providing the public certification service, will introduce a new financial authentication service that customers can use safely and conveniently. With the abolition of the public certification, how will identity verification proceed using the new financial authentication service? We have organized the questions and answers (Q&A) to address these concerns.

Q. I heard that the public certification system will be abolished due to the revision of the Electronic Signature Act. Does this mean that public certificates can no longer be used?

A. No. The public certificates currently in use can be used until their expiration date. Additionally, starting from December 10, a joint certificate, which can be used in the same way as the public certificate, will be issued to minimize inconvenience for customers familiar with the existing public certificates.

Q. What is the financial authentication service?

A. The financial authentication service is an authentication service where financial certificates are issued and stored safely in the cloud of the Korea Financial Telecommunications & Clearings Institute, allowing users to connect to the cloud anytime and anywhere via PC or mobile devices.

Q. Can anyone use the financial authentication service?

A. The financial authentication service is jointly operated by the KFTC and the banking sector. Any bank customer using internet or mobile banking can use the service free of charge.

Q. How can I use the financial authentication service?

A. You can issue a financial certificate from the authentication center menu of your bank’s internet or mobile banking. The issued financial certificate is stored in the KFTC cloud. You can conveniently use the stored certificate anytime and anywhere by connecting to the KFTC cloud.

Q. Where can I use the financial authentication service?

A. You can use the financial authentication service at financial institutions such as banks, card companies, and insurance companies where the service is applied, as well as government and public institutions. Based on the full-scale implementation in the banking sector on December 10, the number of institutions where the service is available, including Government24, the National Petition Portal, Subscription Home, and Hometax, will be continuously expanded.

Q. Is the financial authentication service convenient?

A. The financial authentication service can be used with a 6-digit simple password (PIN), pattern, fingerprint, facial recognition, etc., and it becomes even more convenient through automatic cloud connection and setting financial certificates as favorites. You can use the authentication service comfortably without unnecessary advertisements or additional services.

Q. Do I need to get a financial certificate issued by each bank?

A. No. Only one financial certificate can be issued per person, and the issued financial certificate can be used at financial institutions such as banks, card companies, insurance companies where the financial authentication service is applied, as well as government and public institutions.