Go Search Go Contents Go to bottom site map

Banks to introduce iris recognition system for mobile banking

2016/08/03 14:44

SEOUL, Aug. 3 (Yonhap) -- Two of South Korea's major banks on Wednesday said they will use iris recognition as a biometric identification system for those who use mobile banking in the latest move to strengthen security.

KEB Hana Bank and Woori Bank said they plan to introduce the system later this month in time with the launch of the Galaxy Note 7, Samsung's latest phablet that has an iris scanner.

The two banks said the biometric identification system will be available only for those who will use the Galaxy Note 7.

Samsung Electronics Co. is set to release the Galaxy Note 7 in South Korea in mid-August following its debut in New York earlier this week.

Experts said iris recognition is a technology that is very complicated, making hacking attacks nearly impossible.

Information on biometric authentication can be stored in users' smartphones, not servers, which ensures the protection of privacy and easier mobile banking service.

The biometric identification system is the latest in a series of moves by banks to make sure their system will not be compromised.

Still, there is a minor difference between the two banks. For those who use KEB Hana Bank, they do not need authentication certificates for registering with the iris recognition system, while Woori Bank will require its customers to have authentication certificates.

Meanwhile, Shinhan Bank, another major South Korean banks, plans to decide whether to introduce the iris recognition system for those who use mobile banking after the launch of the Galaxy Note 7.