Registered seals due for Internet Banking

An authorized electronic signing key will make its debut this month as an alternative to the current registered seal used in electronic financial transactions. Bank customers will be able to conduct Internet banking transactions at 22 banks with the electronic signing keys.

At present, customers using Internet banking services are issued separate IDs and passwords by their respective correspondent banks. But the authorized keys will enable them to use the same IDs and passwords with any bank.

Cho Hung Bank said Sunday that it will adopt and issue the authorized notes of authentication for the use of the electronic keys, issued by the Financial Settlement Center for the first time among Korean banks. The bank plans to issue the electronic keys to ordinary customers beginning October after an approximately one-month preliminary period for employees of the bank and the center.

Another merit of the authorized note of authentication is that security is strengthened drastically, as it adopts a more complex password system than the private note issued by each bank. Any damage that occurs in the course of Internet banking using the electronic key will be fully covered by insurance subscribed to by the Financial Settlement Center.

Customers who want the authorized note only have to visit their bank , have their ID confirmed, receive the electronic signing key (a type of keyword), and input it to use Internet banking.

Park Hyeon-Jin witness@donga.com