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Banks to replace security cards with app in June

All Headlines 17:13 April 06, 2016

SEOUL, April 6 (Yonhap) -- South Korean banks plan to replace security cards, a major authentication method for online banking and mobile commerce transactions, with a smartphone application as early as June, a bank association said Wednesday.

The Korea Financial Telecommunications & Clearings Institute (KFTC) is working with 14 out of its 24 member banks to introduce a security app that can be downloaded to Samsung Electronics' Galaxy smartphones and Apple's iPhones.

"When the planned replacement is done in June, customers will have two major authentication methods that include a PIN or one-time password (OTP). They can enjoy safer access to their accounts for financial deals on mobile devices," a KFTC official said.

Some bank customers store the image of their security cards in their smartphones for use, which has caused some concerns over data leaks.

kyongae.choi@yna.co.kr
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