The Electronics and Telecommunication Research Institute (ETRI) has developed a new certification method for smartphone-based financial transactions. Named Touch Sign, this technology is expected to address the problem of the theft of accredited certificates reaching over 10,000 in number a year.
The institute announced on January 14 that the innovative certification technology allows electronic signature and transaction logins when a user touches his or her smartphone with a cash card, a debit card, or the like with a built-in security function. The Touch Sign incorporates NFC security module control technology, user terminal certification technology, card-based user certification technology, electronic signature technology for face-to-face transactions, and mobile certification management technology. It is regarded to be highly convenient yet still secure.
At present, most accredited certificates are present in the form of a file stored on a PC, and are not free from infection with viruses and malignant code and intrusions by hackers.
In contrast, with the Touch Sign, the certificates can be stored on a USIM card or micro SD of a smartphone with enough security. Also, these can be put in an NFC card, as with a public transit card, and thus can be free from smishing.