According to a recent press release, the Director of the Electronic Transactions Development Agency (ETDA) announced that the agency will work with its industry partners to develop technology that will allow users to make financial transactions without having to travel to the bank anymore.
Online transactions and devices require authentication and identity verification. Therefore, access to most systems or applications will consist of two things: username and password.
The use and necessity of passwords is common knowledge in today’s digital world. Anyone who has an email account or any type of online account, for that matter, is aware of the need for a username and a password. Most individuals have accounts on various applications and platforms (some even have more than one account); every application requires identity verification to access the information that we have registered with the system.
A common issue that arises is the inability to recall one’s password. The process of putting in place a new one is often cumbersome and time-consuming. Hence, create their own convenience by putting in place passwords that are easy for them to remember. However, doing so makes the individual vulnerable to malicious hackers and identity theft.
The ETDA Director noted that using a password is something everyone is familiar with. While a lot of users prefer a simple and convenient password to confirm their identity, this means that their passwords are weaker and unable to maintain security.
To overcome this issue, many reliable technologies have been developed. For example, the PKI (Public Key Infrastructure) is a technology that is used to produce complex products, such as the creation and request of electronic certificates. However, the management and security of private keys is intricate and users often go in search of alternative technologies that are easier to use. This makes the use of PKI in identity verification not widespread today.
Thus, investment in and development of this identity verification technology with the above features is a must-have for security. Moreover, it must be easy for users to understand and operate.
Therefore, the agency has partnered with FIDO (Fast Identity Online) Alliance and has invited experts with experience working in the field of identity verification technology from the world’s leading agencies, telecommunications firms and Fintech organisations to share their knowledge and experience in developing identity verification systems, and maintain security according to the FIDO standard, which is a standard that uses the principles of dual key technology (more commonly known as Public Key and Private Key). The developments of the tech include binding the public key to biometric data (or PINs) of the user so users do not need to remember their password.
As a governmental agency tasked with supervising and aiding the digital transformation of Thailand, the ETDA is obligated to promote and support online transactions as well as develop digital technology to support online and e-commerce transactions that are stable, secure and reliable.