SEOUL, March 9 (Korea Bizwire) — The Financial Supervisory Service (FSS) said on Friday online authentication tools for financial transactions will become more diversified this year, moving away from the current system that relies primarily on the public key certificate.
The FSS said biometric authentication technology, QR codes, text messages and blockchain-based systems are some of the different options that will become available.
In addition, the FSS will mandate online entities to modify their terms and conditions for online transactions so that customers are informed of investigation timelines into problems and are kept aware of the investigation proceedings.
With use of new financial transaction services such as mobile payment apps growing, the FSS will conduct inspections of these services to check for security concerns.
An official with the FSS said, “An innovative, eco-friendly fintech ecosystem will be created, and a self-regulatory system for regtech use is to be established.”
Fintech and Regtech are portmanteaus of the words finance and regulatory with technology.
The FSS said, “It is crucial that the leadership of finance firms create a proper IT security management structure by taking it upon themselves to enhance their roles in regards to IT security, and by tying personal data protection into their management strategies.”
Kevin Lee (email@example.com)