[THE INVESTOR] Two of South Korea’s major banks on Aug. 3 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 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.
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.
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