Trustonic, Mirae provide secure one-time password authentication for mobile banking
Korea Financial Telecommunications and Clearings Institute has partnered with Trustonic and Mirae Technology to simplify and improve the secure authentication of mobile financial services and transactions.
KFTC, Korea's centralized one-time PIN authentication service provider, has launched a secure, digital one-time-password service that is now in use at KDB Bank and is available for end users of financial institutions across Korea, according to a press release.
The OTP generator, a Mirae product, resides in a Trustonic trusted execution environment embedded in the device. Trustonic has worked for five years with handset manufacturers to embed the its secure platform into billions of devices.
The trusted execution environment provides a TrustZone-secured operating system that is isolated from the device OS, protecting it from software threats and hacking. The OTP generator is secured within the TEE, the release said.
The TEE's ability to offer safe execution of authorized security software such as the Mirae OTP generator ensures end-to-end security by enforcing protection, confidentiality, integrity and data access rights, the release said.
"With Trustonic and Mirae Technology we have the perfect solution to make our users' lives simpler, richer and faster," said Oh-sik Shim, head of the advanced authentication planning team at KFTC. "KDB Bank has already gone live and we are already working with a number of other financial institutions nationwide."
According to the release, the Trustonic-Mirae-KFTC solution is available to any financial body that wants to enhance the user experience of its app while maintaining or even increasing security.