SK Telecom in South Korea has just got an international certification from the Fast Identity Online Alliance for its smartwatch identity verification method. This means in the near future, you could use your smartwatch to use online banking data and confirm transactions.
Though it’s not wholly sure whether SK Telecom’s technology is that valid here in the US where online banking is complete simply with a user ID and password, if anyone have experience with the Korean online banking system, this may be the best news ever heard.
Korean online banking, for those of you who are not aware with it, is pointlessly complicated. You are often given a distinct USB drive or a tiny digital password-generating machine. The bank would direct a randomized code each time you want to access your account, and usually, you can’t even custom your computer keyboard. More frequently than not, you’ll see a virtual keyboard on your screen with numbers and letters mixed up, which you have to separately tick for security concerns. Yes, so it’s not ever as guileless as just typing in your information. Though this may enhance an extra layer of security or two, it’s enormously tedious.
Well, that’s where SK Telecom’s fresh technology could shine. The new smartwatch technology would swap these USB drives or password-generating devices. Instead, you could only tap the screen of the smartwatch, given that your device is listed for verification with your bank. Conferring to the company, all data are encrypted, and there’s even an option to dismiss the service immediately and distantly in case your watch gets lost.
While this smartwatch verification technology is not yet commercially open, SK Telecom declares it will be provided to financial institutions and application developers for additional testing and optimization.