Shinhan Financial Group Collaborates with KT to Develop Financial Fraud Detection and Prevention Technology

Shinhan Financial Group signed an MOU with KT on the afternoon of April 29 at Shinhan Financial Headquarters in Jung-gu, Seoul, to develop technology for detecting and preventing financial crimes such as illegal private loans and voice phishing.

[Asia Economy Reporter Changhwan Lee] Shinhan Financial Group announced on the 1st that it signed a Memorandum of Understanding (MOU) with KT on the 29th of last month to collaborate in the development of technologies for detecting and preventing financial crimes such as illegal private loans and voice phishing.

Under the agreement, Shinhan Financial plans to work with KT on research into AI and big data-based financial crime response measures, development of early detection and real-time blocking technologies for financial fraud, advancement of Shinhan Financial's financial fraud response system, and enhancement of app security.

Additionally, they will establish strategies to protect financial consumers and use both companies' platforms to conduct education and publicity for preventing financial crime.

Wang Homin, Vice Chairman of Shinhan Financial Group, stated, "Based on the collaboration between KT, the nation's largest AI, big data, and platform company, and Shinhan Financial Group, we will promote the development of various technologies and institutional improvements to effectively prevent financial crime."

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