The financial certificate is a personal authentication service newly introduced on December 10, 2020 by the Korea Financial Telecommunications and Clearings Institute. The concept itself is the same as a joint certificate with only a name change from a public certificate, but it has a longer validity period and the cloud method is applied so that it can be issued and used on a PC without installing Active X and keyboard security programs. However, it is currently lacking in versatility. This means that the scope of use is not wide. 금융인증서 공동인증서 차이
The table below shows the differences between the two.
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financial certificate
joint certificate
Issuance period
Korea Financial Telecommunications & Clearings Institute 이베이스매뉴얼
Multiple accredited certification bodies
(ex. Korea Financial Telecommunications and Clearings Institute, Koscom, Korea Information Certification)
Validity period (renewal cycle)
3-year auto-renewal
1 year manual renewal
storage method
cloud server
User device (ex. PC, smartphone, USB memory, etc.)
password format
6 digits
10 alphanumeric characters and special characters
PC security program installation
X
O
Registration of third party/other institutions
need
need
PC ↔ Smartphone export
Unnecessary
need
issuance fee
free
free
Where to use
Banknotes, some credit card companies, insurance companies & government/public institutions available
Available in most institutions and financial companies as well as banknotes
In summary, the financial certificate is a version with improved stability and convenience from the method we have been using for a long time.
Because it is stored on the KFTC cloud server, there is no need for a physical storage device. Thanks to this, you can easily authenticate on various devices and operating systems, such as Windows, macOS, iOS, Android, and Linux, without installing a separate program as long as you have an internet connection. In addition to device compatibility, user carelessness and leakage due to hacking can also be reduced.
Most government agencies plan to introduce the system in the second half of 2021.
If so, is the joint certificate no longer needed? Not so. Although the government is taking the lead in introducing financial certificates, most securities companies, credit card companies, and some insurance companies do not currently support financial certificates. In addition, a cumbersome third-party registration process is still required to use what was issued by Bank A to Bank B. However, its versatility will definitely expand in the future, so it is good to know how to use it in advance.
How to issue a financial certificate
As preparations necessary for issuance, you need a smartphone, Shinhan Bank, KB Kookmin Bank, Woori Bank, Nonghyup, Post Office, etc. you frequently use bank accounts and mobile apps. Of course, it can be issued from a PC, but ironically, various security programs must be installed once. On the other hand, it is relatively easy to process in the bank mobile app. Of course, only one can be issued per resident registration number.
The menu name and location may vary slightly from bank to bank, but in most cases, you can go to [Authentication/Security Center → Financial Certificate → Issuance/Reissuance]. Now, after agreeing to all terms and conditions and entering the required information (ex. date of birth, account number, account password, email, mobile phone number, ID, etc.) you will be able to see
In my case, I manage my elderly parents’ public certificates and their passwords. He complains of difficulties every time he remembers the PW, which is not used often, and consists of English letters, numbers, and special characters. On the other hand, for financial certificates, all you need to remember is SMS authentication and a six-digit password, so your parents can easily access things like the National Tax Service Home Tax.
How to use financial certificate
When you select the login button on a site or mobile app that supports financial certificates, a window for entering your name, mobile phone number, and date of birth is displayed. If you press the OK button after entering each information, a confirmation code is displayed on the screen, and a text message is immediately sent to your smartphone. Enter the verification code as a reply. When SMS text authentication is completed, the previously created certificate is displayed on the screen, and if you select it, a window for entering the password is displayed.
If you enable the ‘auto connect’ function when logging in for the first time, you do not need to perform SMS text authentication on the device every time. You can register up to 10. Of course, you should only enable this feature on secure devices that are only used by you, not on PCs in public places.
A total of 3 functions are available on the screen above. You can check the authentication history for the last 3 months (①), delete the financial certificate itself (②), and change the six-digit password (③).
So far, we have seen the difference between the financial certificate joint certificate and the issuance and basic usage. It’s definitely easier to use than the old one. However, it is not an exaggeration to say that Korea is currently in the era of the Spring and Autumn Sengoku period. In addition to the two types introduced in this article, certificates issued by private companies such as Kakao, Naver, and Toss are also mixed, so it is very confusing whether or not it should be. Obviously, I am not the only one who thinks that it would be good to collect and integrate each strength at the national level. It is expected that the scope of use will be expanded in the future.