Lee Bok-hyun, Financial Supervisory Service Chief, "Actively Utilize Biometric Information in Non-face-to-face Financial Transactions"

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Lee Bok-hyun, Governor of the Financial Supervisory Service, stated, "While non-face-to-face financial transactions offer the advantage of convenience in a rapidly evolving digital environment, financial incidents such as voice phishing exploiting this are continuously occurring," adding, "Despite ongoing efforts, the evolution of criminal methods has revealed limitations in the layered non-face-to-face real-name verification procedures, especially those that verify the identity of the transaction party by photographing and submitting plastic ID cards. Therefore, we plan to actively utilize biometric information, which is difficult to steal or transfer and effective in blocking illegal transactions, in non-face-to-face financial transactions."

On the 12th, the Financial Supervisory Service hosted a 'Policy Forum on the Activation of Non-Face-to-Face Biometric Authentication' inviting experts from the National Assembly, academia, civic groups, and the financial industry to prevent non-face-to-face financial crimes such as voice phishing. The forum included presentations and panel discussions on the roadmap for activating non-face-to-face biometric authentication, bank sector implementation plans, and security considerations.

Governor Lee said, "Building biometric authentication infrastructure involves costs and efforts initially, but it will ultimately increase profits as consumer trust grows," and urged, "Please carefully review the internal control levels for preventing non-face-to-face financial incidents and thoroughly address any shortcomings with the introduction of biometric authentication."

At the forum, Lee Jae-seok, Director of the Anti-Money Laundering Office at the Financial Supervisory Service, regarding the 'Roadmap for Activating Biometric Authentication to Eradicate Non-Face-to-Face Financial Incidents,' said, "Recently, the increase in non-face-to-face financial crimes such as voice phishing has caused damage to financial consumers and a decline in the credibility of financial companies," adding, "It is necessary to enhance the stability and security of non-face-to-face financial transactions through biometric authentication that can verify identity without possession of a medium." To promote biometric authentication activation in financial companies, they plan to pursue ▲differentiation by biometric information type ▲establishment of a joint infrastructure for the financial sector ▲providing incentives to financial companies.

Ki Woo-seok, Head of the Sol Platform Department at Shinhan Bank, regarding 'Current Status and Suggestions for Activating Biometric Authentication in the Banking Sector,' said, "Biometric authentication is gaining attention as an authentication method that can effectively prevent financial incidents due to its low risk of theft and misuse," and "financial companies need to compare the strengths and weaknesses of each type of biometric authentication and build services that are safe and highly convenient for customers." He also suggested, "To activate biometric authentication across the entire financial sector, it is necessary to establish common biometric authentication standards and build systems to expand infrastructure."

Jo Gyu-min, Head of the Autonomous Security Department at the Financial Security Institute, regarding 'Security Considerations for Expanding the Use of Non-Face-to-Face Biometric Authentication,' stated, "To activate non-face-to-face biometric authentication in the financial sector, it is essential to maintain an appropriate level of security when implementing biometric authentication services," and presented key security considerations at each stage such as input, feature extraction, and transmission when conducting financial transactions using non-face-to-face biometric authentication methods. The Financial Security Institute plans to steadily fulfill its role in ensuring the safe use of non-face-to-face biometric authentication in the financial sector, including reviewing the security of non-face-to-face real-name verification services using facial recognition technology."

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