By Park Han-na Published : 2016-02-21
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Korean bank customers will soon be able to make online transactions without using security cards or one-time passwords as the government is seeking ways to make online payments easier so as to drive innovation in the sector, financial authorities said Sunday.
“As a part of financial reforms, we plan to abolish the mandatory use of password-based authentication system by revising online financial transaction regulations during the first half of this year,” said an official from the Financial Services Commission.
The move is expected to encourage financial institutions to develop security tools that are more convenient and safer than the OTP and security cards that are currently used in the transfer of money through online and mobile applications.
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Government to scrap password-based authentication for online banking
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Well, this does look like the way that things are shaping up to go not just in Korea...it was annouced late last week the HSBC Bank is looking to get rid of the current TFA process and replace this with voice recognition in relation to their online/telephone banking facilities.
The demo soon on the program anouncing this seemed pretty good...but just step of 'progress'...LOL
The demo soon on the program anouncing this seemed pretty good...but just step of 'progress'...LOL
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