[Exclusive] First TF Meeting to Prevent Financial Fraud with Participation from All Financial Sectors to Be Held

Government to Hold First Comprehensive Meeting of All Financial Sectors on 24th After Announcing Comprehensive Measures to Eradicate Voice Phishing
Major Banks, Internet-Only Banks, and Easy Payment Providers All Mobilized

[Asia Economy Reporter Park Sun-mi] All financial sectors and the Financial Security Institute are coming together for the first time to collaborate on preventing voice phishing. This is the first event following the government's announcement of the 'Comprehensive Plan to Eradicate Voice Phishing' at the end of June, which called for strengthened responses across all stages including prevention, blocking, and punishment of voice phishing.

According to the banking sector on the 21st, the first official meeting of the 'Financial Sector Abnormal Transaction Detection System (FDS) Advancement Task Force (TF)' organized by the Financial Security Institute is scheduled for the morning of the 24th at the Yeouido Financial Investment Center.

The Financial Security Institute recently sent official invitations to attend the first FDS advancement TF meeting not only to the five major banks?Shinhan Bank, KB Kookmin Bank, Woori Bank, Hana Bank, NH Nonghyup Bank?but also to regional banks such as DGB Daegu Bank and Gyeongnam Bank, as well as internet-only banks and simple payment service providers including Kakao Bank, K Bank, Kakao Pay, and Naver Financial. This meeting, where all financial sectors and the Financial Security Institute will collaborate to prevent financial fraud such as voice phishing, is a follow-up measure to the government's announcement of the 'Comprehensive Plan to Eradicate Voice Phishing.'

During the meeting, discussions will focus on sharing the background for launching the FDS advancement TF, its composition, and operational plans. Given the urgent need to devise countermeasures against voice phishing, the Financial Security Institute has decided to proceed with the meeting by limiting participation to one representative per company despite the ongoing COVID-19 pandemic.

The Financial Services Commission has mandated the establishment and advancement of FDS so that financial companies can actively monitor suspicious voice phishing transactions. Accordingly, the FDS advancement TF was formed under the leadership of the Financial Security Institute in mid-last month. Utilizing FDS enables the suspension or delay of suspicious voice phishing transactions. The use of new technologies such as big data and artificial intelligence (AI), as well as concentrated information sharing and cooperation with related financial institutions like the Credit Information Center, the Korea Financial Telecommunications & Clearings Institute, and the Financial Security Institute, has become essential.

A Financial Security Institute official explained, "As new types of voice phishing such as phone interception are rampant, it is urgent to explore ways to advance the existing FDS systems held by the financial sector after the TF's launch," adding, "The TF will be operated with the goal of preparing an FDS advancement plan by December."

This content was produced with the assistance of AI translation services.