The accredited certificate system, which is mainly used by many people for financial transactions, was abolished at the same time as the amendment to the Enforcement Decree of the Electronic Signature Act was implemented in December 2020. As a result, the system has been changed to use various certificates such as joint certificates and private certificates.
However, there are still many people who are not fully familiar with the changed certificate system. Today, let’s take a closer look at the differences and advantages and disadvantages of joint certificates and financial certificates, which have been changed along with the abolition of public certificates.
Online, a certificate means the same thing as an ID. Offline In real life, you only need to show your ID to confirm who you are, but there is no way to confirm who you are online. 금융인증서 공동인증서 차이
So what I needed was a ‘certificate’. Until 2020, only six nationally recognized accredited certification agencies, such as the Korea Financial Telecommunications and Clearings Institute and Korea Information Certification Authority, have created an online identification card called ‘Certified Certificate’.
However, from 2021, an authentication method has been added to allow private companies to verify their identity so that they can eliminate the monopoly of these institutions and compete freely anywhere. The ‘joint certificate’ is a name change from the public certificate that previously served as an identification card. In other words, a ‘joint certificate’ refers to an accredited certificate issued by several banks in the past. 이베이스매뉴얼
The accredited certificate (joint certificate) system was operated for about 21 years before its abolition, but the system hindered the development of technology and services and market competition of electronic signatures due to excessive government regulations, and that it resulted in a monopoly of the market centered on accredited certificates; and Problems such as limiting the people’s right to choose electronic signature methods have been continuously raised.
Accordingly, the government prepared and implemented all amendments to the Electronic Signature Act with the main content of the abolition of the accredited certificate system through consultations with related ministries and expert forums.
Financial Certificate is a new certificate created after the revision of the Electronic Signature Act on December 10, 2020, and is the identity verification service of the Korea Financial Telecommunications and Clearings Institute. The issuance method is the same as that of a joint certificate, and it is finally issued through registration with the Korea Financial Telecommunications and Clearings Institute after the financial institution has gone through the authentication process through internet banking and personal authentication.
There are people who think that there may be no difference because the existing issuing method or issuing entity is the same, but the financial certificate is the one that compensates for the shortcomings of the joint certificate. A financial certificate can be issued from an internet banking site using a bank app or PC, and in some cases, you may need to take a photo of your ID. On the other hand, private certificates are authentication services developed by private companies such as Kakao Pay, Naver, Toss, and PASS, and have the same characteristics as financial certificates.
The difference between the joint certificate and the financial certificate announced by the Korea Financial Telecommunications and Clearings Institute is as follows.
compare
joint certificate
financial certificate
Release
Change the name of the existing public certificate
After December 10, 2020
Issuer
6 designated institutions including Korea Financial Telecommunications & Clearings Institute and KOScom
Korea Financial Telecommunications & Clearings Institute
certificate storage
Local devices such as personal PCs, smartphones, and USB
Saved to KFTC cloud server
expiration period
1 year, automatic retirement
3 years, auto-renewal
Whether a security program is installed
need
Unnecessary
password
10 or more characters including special characters
6 digits
issuance fee
Issuance fee is charged for free, general-purpose issuance
free
When using a PC or smartphone
Certificate move, copy procedure required
Unnecessary
When using another bank
Certificate third party registration required
Certificate third party registration required
Where to use
Banks, credit cards, insurance companies, civil complaints, etc.
Banks, institutions, insurance companies, governments, government offices, etc.
Based on these differences, the pros and cons of the two are as follows:
division
Advantages
disadvantage
joint certificate
Currently, there are many sites that can only use existing joint certificates, such as card companies and other financial companies, so it can be used in many places.
There are inconveniences caused by installing a security program and entering a long password when using, but it has excellent security
· The renewal period is very short in units of one year
· Several security programs must be installed before use
· You must have a separate storage device such as a hard disk or USB portable device to use it
The hassle of using a password of more than 10 characters including special characters
financial certificate
· Because it is possible to store data through the cloud, which is an internet server, rather than the storage device of a specific electronic device, it is possible to authenticate through the user’s mobile phone.
· Simple password setting using 6 digits
· No need to install additional complex security programs
Relatively long renewal cycle compared to joint certificates
· Security not yet verified
Useful only when the institution is still using it in a limited way, such as a bank
Since the financial certificate service was recently introduced, there is a disadvantage that there are few uses. Although it has been a year since it has not been settled yet, there may be inconvenience of using both a joint certificate and a financial certificate for the time being, but it will be gradually dealt with with a financial certificate or a private certificate in the future. .