S. Korea financial sector to step up user authentication

Financial companies in South Korea will increase their identification process for online users in a bid to prevent further cyber fraud.

According to regulator the Financial Supervisory Service (FSS), starting September 26 2013, online users of banks, insurers, brokerage firms and savings banks in the country will have to identify themselves through a text message or automated response systems, The Korea Herald reported on Monday.

An online banking user will receive an authentication number from the financial company he or she wishes to log into, and the number must be typed in correctly for the user to get online access to the desired account.

SOURCE: zdnet.com