KB Kookmin Bank Develops In-House Electronic Financial Fraud Detection Technology

"Leading Financial Consumer Protection through the Introduction of Detection Technology"

[Asia Economy Reporter Park Sun-mi] KB Kookmin Bank announced on the 14th that it has strengthened the prevention of electronic financial fraud incidents for financial consumers through the independent development of electronic financial fraud detection technology.

Voice and messenger phishing scams often occur during the short period when the victim does not realize the fraud or when the financial institution monitors abnormal financial transactions to verify the transaction. To respond promptly to such phishing scams, KB Kookmin Bank, over about six months, collaborated with white-hat hackers and the Fraud Detection System (FDS) team to reproduce fraud methods and analyze transaction patterns, independently developing electronic financial fraud detection technology.

Additionally, although it was difficult to distinguish between legitimate customers and fraudsters conducting non-face-to-face transactions under customers' names whose personal information was leaked through phishing, this new electronic financial fraud detection technology has enabled the detection of abnormal financial transactions by fraudsters. Since applying the detection technology at the end of July, an average of 3 to 4 suspicious transactions have been detected daily, blocking over 170 cases of unauthorized transfers and protecting approximately 2.5 billion KRW of customer assets to date.

A KB Kookmin Bank official stated, “We have effectively prevented additional damages including unauthorized transfers through KB Star Banking and transfers to other financial institutions via Open Banking,” adding, “We are currently advancing the AI technology applied in the abnormal financial transaction detection system and will do our best to proactively protect customers' assets.”

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