SafeNet Strong Authentication Secures Online Banking at NH Bank, Korea’s Largest Bank

eToken PRO and iKey secure online transactions and compliance with Korean banking regulations for more than 70,000 bank customers

"We see the NH Bank deployment of SafeNet (eToken and iKey) as part of the larger shift toward greater awareness of USB-based HSM for online banking security in Korea," said Thomas Rhee, President and CEO of WiNoble, Inc., the Seoul-based enterprise solutions provider deploying NACF's Aladdin eToken solution. "By offering a strong authentication solution, the NH Bank increases its appeal to security-minded customers that may otherwise be leery of online dangers.”

Customer Profile

South Korea's National Agricultural Cooperative Federation (NACF), known locally as NongHyup / NH Bank, has more than 5,000 branches and cooperatives throughout the country. NH Bank features the largest number of online banking customers in South Korea and is ranked first in online banking in Korea.

Business Challenge

  • Improve security for online banking and eliminate the risks of password-based access
  • Comply with The Korea Information Security Agency (KISA) regulation
  • Provide strong authentication through a certificate-based (PKI) solution

Solution

  • NH bank has deployed more than 50,000 SafeNet  iKey and eToken PRO tokens to their online banking customers, allowing them carry out online transactions through the use of digital signatures and securely access the banks online financial portals and applications
  • NH Bank has successfully complied with regulations issued by the Korea Information Security Agency (KISA) and the Korea Financial Telecommunications & Clearings Institute (KFTC) requiring the country's financial institutions to implement PKCS #11 support in the use of USB-based Hard Security Module (HSM) for Internet banking
  • Through the deployment of SafeNet tokens, NH Bank has increased customer confidence by demonstrating their ongoing commitment to fighting online fraud and securing customers' financial data