"Beware of Financial Scams During Chuseok Holidays"…Banks Mobilize AI and More to Support Fraud Prevention (Comprehensive)

Financial Supervisory Service Produces and Distributes Videos to Prevent Voice Phishing Damage

[Asia Economy Reporter Park Sun-mi] As Chuseok approaches, various financial scams impersonating parcel delivery (gifts) or the national support fund are rampant, requiring caution. The banking sector is actively responding to prevent financial consumer damage by directly establishing an integrated response system from detecting to blocking voice phishing applications (apps).

According to the financial industry on the 16th, KB Kookmin Bank recently developed and applied its own financial fraud detection technology by reproducing fraud methods and analyzing transaction patterns with white hackers and the Fraud Detection System (FDS) team.

It was difficult for banks to distinguish between fraudsters and legitimate customers during non-face-to-face transactions using customers' leaked personal information, but with this new financial fraud detection technology, abnormal financial transactions by fraudsters can now be detected. A KB Kookmin Bank official explained, "Since applying the detection technology at the end of July, we have detected 3 to 4 suspicious transactions daily on average, blocked over 170 unauthorized transfers, and protected about 2.5 billion KRW of customer assets. The AI-based voice phishing monitoring system introduced this year is also being further advanced."

Shinhan Bank has been operating the 'Anti-Phishing Platform 2.0' since this year to detect the installation of malicious apps and monitor to prevent financial fraud in advance. Since April, it has extended voice phishing damage prevention monitoring to nighttime hours. As fraudsters increasingly attempt crimes after banking hours, monitoring is conducted from 6 PM to 11:30 PM.

Hana Bank has equipped its banking app with a voice phishing app detection feature. If a voice phishing malicious app is detected during a financial transaction, the transaction is halted to prevent voice phishing damage at the source. Since its operation began in November last year, it has removed voice phishing apps from over 1,000 customers monthly and prevented damage exceeding approximately 60 billion KRW.

Woori Bank, NongHyup Bank, and Industrial Bank of Korea are also working to prevent financial fraud by extracting and monitoring suspicious voice phishing transactions using AI, installing voice phishing malicious app blocking services, and using RCS (Verified Logo Display) services that insert bank logos into text messages to easily distinguish them from scam messages. They also produce their own voice phishing prevention promotional videos and share them directly through their social media channels.

[Image source=Yonhap News]

Financial scams such as voice phishing and smishing (text message fraud) often go unnoticed by victims. Therefore, it is crucial for financial institutions to monitor and detect abnormal financial transactions within a short time and block them. In fact, as banks actively prevent financial fraud, voice phishing damage in the first half of this year decreased by 46.4% to 84.5 billion KRW compared to the same period last year. However, smishing impersonating gift delivery confirmations and national support funds is expected to increase ahead of the Chuseok holiday, requiring consumers to be cautious.

Financial Authorities Produce and Distribute Voice Phishing Damage Prevention Videos

The Financial Supervisory Service (FSS) will produce and distribute videos to prevent voice phishing damage to strengthen financial consumer protection ahead of the Chuseok holiday. Rather than simple explanations about voice phishing in general, the videos will specifically introduce actual damage cases and response guidelines for major recent scam types.

To maintain focus during education and enable diverse use, the videos will be short, about 5 minutes per topic. They will be produced in an animation format that is easy to understand for all age groups. The FSS plans to post the produced videos on the Voice Phishing Guardian website and a dedicated YouTube channel so that anyone can easily download and use them.

An official from the financial authorities stated, "During the Chuseok holiday period, we will intensively conduct financial fraud prevention promotions in cooperation with the financial sector, guiding customers to be especially cautious about scam messages impersonating national support funds or disaster relief funds."

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