Alchera Collaborates with KFTC to Strengthen Financial Security with Facial Recognition Technology

Alchera, led by CEO Hwang Yeong-kyu, is a pioneering company in AI-based image recognition. The company recently hosted a “Financial Company Support Seminar” at Seoul’s Lotte Hotel. During this event, it was officially announced that Alchera had secured a contract for the “Facial Recognition Joint System Initiative” backed by the Korea Financial Telecommunications & Clearings Institute (KFTC).

The seminar attracted an array of executives from Korea’s leading financial institutions, including commercial banks, securities firms, and insurance companies. Discussions centered around strategies and technological integrations for KFTC’s upcoming facial recognition system.

Initiated as an anti-voice phishing measure by the Financial Services Commission in September 2022, the Facial Recognition Joint System allows financial institutions to employ Alchera’s advanced image comparison technology. This solution matches a current photograph of an individual with the photo on their ID card.

The facial recognition system comprises two core elements: facial comparison and liveness detection. These features help ascertain the authenticity of a face, thereby preventing fraudulent activities. During non-face-to-face real-name verification for account openings, the system compares a submitted ID card copy with a real-time facial photo using KFTC’s state-of-the-art facial recognition technology.

With its unique facial feature extraction algorithm, the system can confirm the identity of an individual by comparing facial features such as eyes, eyebrows, nose, mouth, and jawline. The system is also capable of detecting attempts to deceive it, for instance, through the use of a mask. It evaluates factors like blood flow and facial texture or observes minor movements to determine if the face is real or a forgery.

Alchera’s CEO, Hwang Yeong-kyu, commented, “Our joint facial recognition initiative will significantly enhance security measures in the financial sector, thereby curbing voice phishing and other financial crimes. With Alchera’s unparalleled facial recognition solutions, financial entities can now look forward to a safer transactional ecosystem. We are committed to elevating the standard of financial services moving forward.”

The implementation of this robust facial recognition system is slated for completion by November 2023. It is set to be rolled out to domestic financial institutions in the latter half of the same year.

For inquiries and connections with Korean tech companies mentioned in this article, contact us at [email protected]. We’re here to facilitate valuable partnerships.

Also Read,

Keep tab on latest news in the Korean startup ecosystem & follow us on LinkedIN, Facebook, and Twitter for more exciting updates and insights.

What’s your thoughts?