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South Korean banks take to biometric systems

As more and more South Koreans adopt mobile and internet banking, banks in the country are looking to introduce more biometric initiatives, according to news reports. Shinhan Bank recently launched a trial that used palm vein scans. Customers only needed to upload their vein information and attach it with a certain bank account beforehand. The bank opened 24 such kiosks for a trial period and plans to use them in all their outlets across the country. According to experts, the vein recognition system has an error rate of 0.0001% and the customers’ vein data will be stored separately in two servers, which helps enhance the financial security. Similarly, the Industrial Bank of Korea has launched ATMs with an iris recognition system.

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