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Kookmin Bank to use Trustonic Application Protection for mobile banking

Kookmin Bank to use Trustonic Application Protection for mobile banking
Kookmin Bank to use Trustonic Application Protection for mobile banking

Trustonic, a leading mobile cybersecurity firm, has recently announced the successful integration of Trustonic Application Protection, also called TAP, by Korea’s Kookmin Bank (KB Bank) to allow for an easy authentication experience for the users of KB Star Banking app. The bank will be simplifying the access for customers combining TAP with new digital authentication certificates.

Apparently, users will be able  to confirm transfers of higher value in-app, eliminating the need to use complicated authentication practices such as security tokens.

KB Bank is the largest bank in Korea in terms of the number of mobile users and it offers both mobile and online banking services to more than 10 million customers. The mobile application protection provided by Trustonic has enabled the bank to offer simple, faster and secure digital banking services by having isolated authentication certificates within the hardware security of current smartphones.

The app has gathered about 3 million active users since its launch in 2019 and has witnessed major adoption by the customers of KB Bank.

Kookmin Bank’s Senior Executive Vice President, Mr. Han said that users in Korea are required to install the authentication certificates in order to use the services for mobile banking. It is often a time consuming and complex process that mostly needs revalidation as well as multiple passwords.  

Han continued that the bank has been able to enhance the in-app user experience with Trustonic as its long-standing partner. It also lets the user authorize transactions that are higher in value. Security solutions tend to give options between user experience, performance and security, but the new app does not let the users compromise.

The advanced protection has enabled in-app payments of high amounts wherein the customers of the bank can transfer about 2 million won by using their account password and even up to 50 million won by using a six-digit pin and a password.

 

Source Credit- https://www.financederivative.com/koreas-kb-bank-uses-trustonic-in-app-protection-to-enhance-mobile-banking-experience/

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