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Wednesday, September 21, 2005

Improving financial online transactions

There is always a risk in conducting Internet or online banking activities, and this is the point where the Korean government wants to do some preventive moves.

Korea, always on the move regarding web-enabled facilities, already witnesses an astonishing 75% of financial transactions conducted over cyberspace. They basically plan "to adopt a strengthened personal identity authentication system for Internet banking called the one-time password (OTP) formula."

"OTP verification refers to a security system that requires a new password every time a user authenticates himself, thus protecting against an intruder attempting to use an intercepted password."

Great move! The question is - how smart are "the bad guys" in order to get their own access?

(By Asia Business Consulting)