NH NongHyup P&C Insurance Introduces Non-face-to-face Suspicious Transaction Detection System
NH NongHyup Property & Casualty Insurance announced on November 10 that it has introduced a "Non-face-to-face Suspicious Transaction Detection System" to proactively prevent financial crimes.
This system analyzes transaction patterns in real time during non-face-to-face processes such as insurance policy loans and refund payments made through the website or mobile app. If suspicious activity is detected, the system blocks the transaction in advance to prevent financial incidents.
Recently, non-face-to-face financial crimes, such as device hijacking through malicious applications, have become increasingly sophisticated and specialized, highlighting the growing importance of rapid detection and response.
Given the high proportion of elderly customers, NongHyup Property & Casualty Insurance has built the system to focus on monitoring attempts at large or overseas loans, the use of remote control programs, and malware infections. By benchmarking cases from the banking sector and, for the first time in the non-life insurance industry, integrating a verified external solution into its own system, the company has enhanced the accuracy of suspicious transaction detection.
The company plans to strengthen ID verification and authentication procedures to further improve customer identity confirmation. By linking these measures with the "Non-face-to-face Suspicious Transaction Detection System," it aims to continuously enhance the security of financial transactions.
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Song Chunsoo, CEO of NH NongHyup Property & Casualty Insurance, said, "With the introduction of this system, we can now better protect consumers' assets by blocking increasingly sophisticated non-face-to-face financial crimes. As we have established a foundation for quickly responding to more elaborate financial fraud, we will strive to become an insurance company that lives up to customer trust."
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