Government and payment apps sign MOU to expand resident registration card authenticity verification
The Ministry of the Interior and Safety 7 month 9 day signed a memorandum of understanding with the Financial Supervisory Service, Korea Financial Telecommunications and Clearings Institute, Naver Pay, Kakao Pay, and Viva Republica, the operator of Toss, to expand resident registration card authenticity verification. The agreement aims to filter out fake identification documents in payment apps, reduce voice phishing and money laundering, and strengthen the security of electronic financial transactions.
The Ministry of the Interior and Safety 7 month 9 day signed an MOU with the Financial Supervisory Service, Korea Financial Telecommunications and Clearings Institute, and Naver Pay, Kakao Pay, and Viva Republica, the operator of Toss, to expand resident registration card authenticity verification. The participating institutions and companies agreed to expand the function for detecting fake identification documents in payment apps.
The parties to the agreement are the Ministry of the Interior and Safety, the Financial Supervisory Service, Korea Financial Telecommunications and Clearings Institute, and Naver Pay, Kakao Pay, and Viva Republica. The signing ceremony was held on 7 month 9 day.
The agreement's core objective is to broaden the scope of resident registration card authenticity verification to prevent voice phishing and money laundering and enhance the security of electronic financial transactions. The participants agreed to pursue technological and operational cooperation for this purpose.
The parties agreed to consider introducing or expanding authenticity verification functions in their respective apps and to establish the relevant procedures and standards. The agreement establishes a framework for cooperation among electronic financial service providers.
The agreement was drafted in the form of a memorandum of understanding, and the parties agreed to discuss detailed implementation measures and technical standards going forward to determine the operating methods. The government and participating companies said they would continue consultations on follow-up procedures.