Warning of the dangers of a biometric hack, South Korea's financial watchdog is focusing on a solution.Speaking at a fintech forum, Financial Supervisory Service (FSS) Governor Zhin Woong-seob said this week that new technologies, such as biometrics and AI, also present new dangers.”Responsible innovation is needed in the financial industry,” he said. Fintech, he pointed out, is a key tool for the innovation of financial companies but also can be a potential threat to the financial system if not properly handled.”In particular, (we) have to deal actively with the possibility of the leak of biometric data,” he emphasized. “In the case of robo-advisors, (we) should deal with the possibility of external hacking and misdeeds by internal workers.”The government is also preparing to introduce a full-scale robo-advisor system for investors.Zhin urged the management of financial firms to push for the stability of the financial system together with the pursuit of innovation.”In new businesses like fintech, the management should directly handle relevant risks,” he said.Image by Brian Klug
Recent Articles
- Digital ID wallets: How banks are leading the next frontier in secure, AI-driven financial services
- Security printing and identity community to tackle rising document fraud threats
- Identity and payments converge at the 2026 Identity & Payments Summit
- C-Suite leaders take the stage at Identity Week Europe 2026
- Europe’s new biometric border system to enhance entry controls from April 2026
Recent Video
- Will asylum seekers adopt government Digital ID? Netherlands demonstrate a real-world pilot
- Filippo Chiricozzi on Web3, digital ID and the future of finance
- Stephen Chapman praises UK passport system, calls for international standards to support national systems
- Michelle Wilson on building Blue Cavalry Solutions and advancing interoperable digital ID
- “We are looking at how to make biometrics quicker”: Hannes Lember discusses Estonia’s contactless biometric pilot and border innovation
