South Korean government to scrap password-based authentication for online banking

Park Han-na reports:

Korean bank customers will soon be able to make online transactions without using security cards or one-time passwords (OTP) as the government is seeking ways to make online payments easier so as to drive innovation in the sector, financial authorities said Sunday.


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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