SKT Partners with Korea Federation of Banks to Prevent Voice Phishing Damage

SK Telecom announced on the 12th that it has signed a business agreement with the Korea Federation of Banks, a corporation, to prevent and eradicate telecommunication financial fraud.

Recently, due to the economic downturn and high interest rates, cases of loan fraud targeting people in their 40s to 50s, who are the main borrowers in need of loans, have been rapidly increasing. The company stated that great expectations are held for the prevention of telecommunication financial fraud such as voice phishing, spam, and smishing through this agreement.

(From left) Ji Sun-gu, Head of the Korea Federation of Banks Foundation, and Son Young-gyu, Chief Information Security Officer (CISO) of SK Telecom, are taking a commemorative photo after signing a business agreement. Photo by SKT

The contents of the business agreement signed between SKT and the Korea Federation of Banks include ▲discovering and promoting collaborative measures to prevent telecommunication financial fraud damage such as the rapid blocking of messenger phishing impersonating banks ▲establishing an active cooperation and response system for preventing telecommunication financial fraud damage ▲sharing phone numbers of member banks of the Korea Federation of Banks and information on legitimate outgoing messages ▲and discovering other cooperative tasks for preventing telecommunication financial fraud.

SKT will utilize data provided by the Korea Federation of Banks (such as member bank phone numbers and legitimate outgoing message information) to enhance the analysis algorithms of its AI-based spam and smishing filtering system and improve the efficiency of the blocking process. It is expected to help in crime prevention.

In addition, SKT will actively guide the Korea Federation of Banks’ member banks and their employees to use the SKT spam and phishing reporting channel (#8239). It is also predicted to be effective in early detection and blocking of telecommunication financial fraud crime attempts.

At the end of last year, SKT established a dedicated response organization (Cyber Threat Response Team) to respond to various cyber threats to customers and services such as spam, smishing, and voice phishing, ensuring a safer communication environment. They are promoting the establishment of a systematic and professional external cooperation system and the development and advancement of new threat response technologies.

Son Young-gyu, SKT’s Chief Information Security Officer (CISO), said, “This business agreement with the Korea Federation of Banks is an idea derived from the process of establishing various strategies to prevent and eradicate the rapidly increasing loan fraud-type voice phishing.” He added, “We will continue to do our best to enhance the AI-based spam and smishing filtering system we operate to protect our customers’ safety.”

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