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Transactions at e-banks for corporate accounts are allowed to be authorized using one-time passwords generated by mobile APP

To encourage banks to provide customers with more convenient financial services by using fintech, the Bankers Association of the Republic of China submitted the amendment to the “Regulations Governing the Standards of Security Management of Financial Institutions Providing Electronic Banking Service” which was recognized by the FSC on February 18, 2019. This amendment aims to double confirm that high-risk transactions such as transfers are certainly authorized by enterprise customers by allowing adoption of one-time passwords generated by mobile APP with enhanced protection when banks conduct e-banking business for their corporate accounts. Banks’ adoption of the stated mechanism for identity verification shall comply with the “Regulations Governing the Mobile Applications Provided by Financial Institutions.”
Visitor: 332   Update: 2019-08-15