ICONLOOP Boosts Safety Of Digital Financial Services In The Contact-Free Fintech Era
We’re currently in the non-face-to-face era, and it’s important to know that your digital financial services are safe.
The Korean blockchain media outlet called Decenter wants to see just how safe the digital financial services are in this era amidst the concerns following various incidents – one reportedly involves the leading money transfer platform Toss.
ICONLOOP talks about security
“Online purchases worth 9.38 million ($7,770) were made on websites without permission of Toss account holders earlier this month using their personal data. Although initial inspections by the financial authority showed that users’ personal data were not compromised via the fintech platform itself, the incident shed light on the security of similar services, including those run by online platform operators Naver, Kakao, and NHN,” according to the Korea Herald as cited by The Icon.ist.
The notes continue and reveal that “‘After the incident, I realized that any smartphone user could fall victim to such unauthorized transactions without knowing it,’ said a 30-year-old fintech service user, adding ‘I may have to be more cautious when using mobile financial services for a while.’”
The online publication also noted that The Toss incident made the authorities in South Korea freak out and the Financial Supervisory Service, has announced that it is reviewing the security measures of about 40 fintech companies that use similar payment technology.
It’s been revealed that BlockMedia talked with ICONLOOP about security and the MyID project.
Just to refresh your memory, MyID uses DID technology, which means companies don’t have to store personal data.
This confirms that the person logging in is the same person who logged in before.
Check out the complete details in the original post.
The other day, it’s been revealed that ICONLOOP steps up in the fight against the coronavirus.
The blockchain company recently revealed that it plans to support for free the VisitMe visitor management solution until the end of the pandemic.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.