IBK Industrial Bank of Korea Signs Business Agreement for Mutual Interconnection of Identity Verification Services

On the 21st, representatives from six banks are taking a commemorative photo at the interlocking business agreement ceremony for the banking sector's identity verification service held at Woori Bank headquarters in Jung-gu, Seoul. Photo by Industrial Bank of Korea.

IBK Industrial Bank of Korea announced on the 21st that it had signed a business agreement for mutual interconnection of certificate-based identity verification services together with five other banks (KB Kookmin, NongHyup, Shinhan, Woori, and Hana).

Through this agreement, the use of certificates, which were previously limited to each individual bank, is expected to be expanded, thereby increasing the convenience of authentication services for customers who transact with multiple banks.

Bank-issued certificates use the PIN, pattern, or biometric information registered at the time of issuance to verify identity, making the process simpler compared to telecom-based identity verification services. In addition, they are effective in preventing financial accidents that may result from fraudulent authentication, such as mobile USIM cloning or the use of so-called "ghost phones."

A representative from Industrial Bank of Korea stated, "Banks have joined hands to provide customers with stable and highly reliable services," and added, "We will continue to do our utmost to establish thorough security systems and response measures so that customers can use financial services with peace of mind."