"Catch Voice Phishing"... KOFIU Provides Banks with 'FAS' to Detect Fraud Accounts

by Song Seungseop

Published 15 Feb.2021 10:11(KST)

The Operating Principle of the Suspicious Transaction Information Analysis and Sharing Service (FAS, Fraud Analysis System) for Detecting Fraudulent Accounts
Photo by Korea Financial Telecommunications & Clearings Institute

[Asia Economy Reporter Song Seung-seop] The Korea Financial Telecommunications and Clearings Institute (KFTC) announced on the 15th that it will sequentially provide the Fraud Analysis System (FAS) service, which analyzes and shares suspicious transaction information, to 13 banks to eradicate voice phishing.

FAS is a technology that uses artificial intelligence (AI) to analyze financial data and predict accounts suspected of voice phishing fraud. Fraud-suspected accounts held by each financial company are shared with participating banks. To prevent leakage risks, the data is limited to minimal information and transmitted through a dedicated network.

The total number of participating banks is 13, with KakaoBank, K Bank, and Gwangju Bank receiving priority access starting today. The remaining 10 banks will implement the service within the second half of this year. Non-bank financial companies plan to accept participation applications within this year, and banks that have not previously participated can also join during this period.

According to KFTC’s internal tests, FAS has an average detection rate about four times higher than financial companies’ Fraud Detection Systems (FDS). KFTC explained that using FAS can enhance the voice phishing response system and streamline monitoring systems. It also enables tracking of interbank transfers involving so-called "dapo accounts" (proxy accounts).

Fraud-suspected accounts that participating banks individually held will be collected and built into an "Integrated Fraud-Suspected Account Database." This database will be used to detect and analyze voice phishing damage methods.