Shinhyup Prevents 7.3 Billion Won in Losses in First Year of FDS Monitoring Center

Blocked 721 Suspicious Transactions

The National Credit Union Federation of Korea (Shinhyup) announced that since the official launch of its Fraud Detection System (FDS) Monitoring Center in August last year, it has blocked 721 suspicious transactions and prevented financial fraud amounting to approximately 7.3 billion won as of last month.

The FDS is a system that comprehensively analyzes device information, access data, and transaction details generated from customers' financial activities to detect abnormal transactions.

In one case, when a local credit union detected a series of ATM transactions that deviated from usual patterns, the Monitoring Center immediately identified the anomaly and initiated an emergency response. The transaction involved funds transferred from a Shinhyup account to another financial institution, with a risk that the money could be withdrawn. Shinhyup promptly shared the situation with the counterpart financial institution and the credit union, blocking the withdrawal. A Shinhyup employee also visited the member's home, informed them in cooperation with the police that it was a case of voice phishing, and successfully prevented the loss.

In another case, a member who had received about 100 million won through loans and policy loan products transferred the entire amount to an account at another financial institution with which they had no prior transaction history. Shinhyup immediately contacted the member to confirm the purpose of the transaction and discovered that a remote control scam using a malicious app was underway. The withdrawal was swiftly blocked, preventing further damage.

Shinhyup stated that it will continue to develop detection scenarios to respond to new types of financial fraud based on cases accumulated in the field, and will strengthen its preventive capabilities by further advancing its systems.

Park Yongnam, Head of Financial Consumer Protection at the National Credit Union Federation of Korea, said, "The FDS Monitoring Center is the front line in protecting the valuable assets of our members," adding, "We will continue to enhance the trust in Shinhyup's financial services by expanding our team of experts and further advancing our systems."

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