http://www.koreaherald.com/SITE/data/html_dir/2002/07/04/200207040023.asp
Monday, July 8, 102 Official digital certificates needed Starting next year all Internet-based financial transactions will require users to possess official cyber certificates and digital signatures, the Financial Supervisory Service (FSS) said yesterday. The financial watchdog said that the new measures were being introduced to ensure security and accountability in cyber exchanges. The move also conforms to the government's efforts to digitalize its services. "The introduction of the new system is designed to protect transactions from being compromised, ascertain the identity of users, and make it impossible for people to claim that they did not make transactions that turned out to be unfavorable," said an FSS official. The official said that that the existing certificates provided to banks and financial institutions will have to be converted into official certificates provided by the Korea Financial Telecommunications and Clearance Institute (KFTC) by May 2003. He also said that the KFTC will only issue official certificates for financial institutions interested in starting Internet banking services from Sept. 1. The KFTC oversees electronic funds transfers and digital payment systems and is responsible for "yessign," a certification service that gives Internet transactions legal validity and protection under the digital signature law. The FSS, in addition, said that people who have been able to conduct Internet-banking by using the conventional ID name and password system will also have to have digital certificates from May of next year. The supervisory body said that once an official certificate is obtained, the holder will be able to use it to conduct Internet banking, online stock trading, and arrange cyber insurance deals. The digital certificates will also allow people to file complaints or suggestions to the various government ministries and take part in government bids. Meanwhile, people can apply for an official digital certificate by submitting requests to financial institutions that have contracts for cyber trading with the KFTC, Korea-Stock, the Korea Information Certificate Authority Inc., CrossCert Inc., and KTNet Co. -- ----------------- R. A. Hettinga <mailto: [EMAIL PROTECTED]> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire' --------------------------------------------------------------------- The Cryptography Mailing List Unsubscribe by sending "unsubscribe cryptography" to [EMAIL PROTECTED]