IBK AI Monitoring System for 3 Months... 70% Drop in Number of Fraudulent Account Cases
Approximately 750 Cases and 6.2 Billion KRW Worth of Financial Fraud Prevented During 3-Month Pilot Operation
[Asia Economy Reporter Yoo Je-hoon] The 'Telecommunication Financial Fraud Artificial Intelligence (AI) Monitoring System' introduced by IBK Industrial Bank of Korea is showing results, significantly reducing the occurrence of dummy accounts.
IBK Industrial Bank of Korea announced on the 24th that after a three-month pilot operation of the voice phishing response program, the Telecommunication Financial Fraud AI Monitoring System, introduced in November last year, the number of dummy account occurrences decreased by about 70% compared to the same month of the previous year.
The Telecommunication Financial Fraud AI Monitoring System is a system where AI analyzes big data and learns from voice phishing cases to identify suspicious patterns, detecting and responding to voice phishing in real time. When a customer suspected of voice phishing damage, classified by behavior and transaction patterns, attempts to withdraw more than 5 million KRW in cash at a branch, the system automatically suspends the withdrawal account to prevent damage.
According to IBK Industrial Bank of Korea, during the three-month pilot operation period, the system prevented about 750 cases and approximately 6.2 billion KRW in financial fraud damage. In one case, a customer A was deceived by a text message impersonating their child and installed a malicious application, resulting in a complete leak of personal information. However, the AI monitoring system detected abnormal transaction patterns, stopped the customer's transactions, and prevented damage.
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An IBK Industrial Bank of Korea official stated, "After completing the three-month pilot operation, we have started full-scale operation," and added, "We will continue to do our best to proactively protect customers from voice phishing damage."
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