South Korea-based KB Kookmin Bank (KB Bank) has selected mobile cybersecurity firm Trustonic to enhance authentication experience of its mobile banking customers.
KB Bank will use the Trustonic Application Protection (TAP) solution to boost the security of the high-value transactions.
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To simplify its customers’ access to banking services, the bank will combine TAP with its new digital authentication certificates.
This integration will allow customers to authenticate higher value transfers in-app, doing away with the need for complex authentication practices such as security tokens.
Historically, app users renew public authentication certificates daily for ensuring safety.
However, now TAP provides in-app protection with new KB Mobile Certificates, which do not require renewing unless revoked by the user or unused for a year.
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By GlobalDataThe in-app protection allows the user to conduct high-value transactions and boosts overall user experience.
Kookmin Bank senior executive vice president Han said: “With our long-standing partner Trustonic, we are able to vastly improve the in-app user experience and allow our users to authorize much higher value transactions.
“Some security solutions make you choose between security, user experience and performance but with TAP there’s no compromise.”
Trustonic CEO Dion Price said: “Korea’s certificate-based authentication infrastructure has historically limited the user experience for mobile banking apps.
“By making its banking app more seamless and secure with Trustonic’s unique combination of hardware and software in-app protection, KB Bank has vastly improved the user experience.”
Users can now transfer up to KRW2m ($1,619) using their account password, KRW50m ($40,480) using a password and six-digit PIN.
A maximum of KRW500m ($404,901) can be transferred using a password, a PIN and an additional authentication code sent via an automated phone call.
The TAP in-app protection platform protects the mobile application by upgrading it with recent hardware and software security technologies available on smartphones.
KB Bank delivers online and mobile banking services to over 10 million customers.
Launched in 2019, the KB Star Banking app has acquired 3 million active users so far and growing.
