888-384-7144 info@insidequantumtechnology.com

Quantum Technology-Based Banking Security Enters South Korean Market on 5G Smartphones

By IQT News posted 21 Aug 2020

(MorningTick) SK Technologies announced the first quantum security-based financial services on 5G smartphones on August 20, 2020. The company plans to employ this technology to DGB Daegu Bank’s mobile banking app, ‘IM Bank’. This is the first time that quantum security is available for banking services on 5G smartphones.  (Click here to read complete press release.)
Quantum security tech is at work during the process of receiving OTPs from banking institutions. Customers receive these one-time-passwords on their personal devices. The tech will also work during the opening of bank accounts since that process deals with much personal information. A third-party hack during these processes can be extremely harmful.
The Quantum security tech developed by SK Tech will work on the DGB Daegu Bank’s ‘IM Bank’ app. This is DGB Daegu’s mobile banking app. The Samsung Galaxy A Quantum smartphone has the QRNG (Quantum Random Number Generation) chipset embedded in it by SK Tech. This allows the smartphone to generate complex encryption on the IM Bank app during the aforementioned risky processes.
SK Tech said, “SK Telecom’s Quantum Random Number Generation (QRNG) chipset mounted on the Galaxy A Quantum creates unpredictable and patternless pure random numbers using the randomness of the quantum. Based on this random number, it is a principle that improves security by encrypting the digital OTP number and identification information of the ‘IM Bank’ app.”

RELATED: See IQT Blog by Lawrence Gasman: Samsung and SK Telecom May Have Just Expanded the Quantum Encryption Market by Orders of Magnitude

Subscribe to Our Email Newsletter

Stay up-to-date on all the latest news from the Quantum Technology industry and receive information and offers from third party vendors.