Ministry of Science and ICT and Financial Authorities Strengthen Telecom and Financial Cooperation to Prevent Voice Phishing

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The telecommunications and financial sectors will collaborate to prevent financial crime victims of voice phishing.

On the 5th, the Ministry of Science and ICT, the Financial Services Commission, and the Financial Supervisory Service signed a "Business Agreement for Strengthening Cooperation and Response to Financial Crimes Affecting People’s Livelihoods between the Telecommunications and Financial Sectors" at the Seoul Banking Hall. Related associations including the Korea Information and Communication Promotion Association, the Korea Telecommunications Operators Association, the Korea Federation of Banks, and the Credit Finance Association participated in this agreement.

Through this agreement, attempts to open burner phones and burner accounts, which are exploited as means of various financial crimes, will be blocked. First, to respond to financial crimes affecting people’s livelihoods such as voice phishing, the telecommunications and financial sectors will jointly identify and promote necessary institutional improvements. To this end, suggestions from the telecommunications and financial industries arising during the voice phishing response process will be mutually communicated and reviewed, and reflected in institutional improvements.

Additionally, an information-sharing system will be established between telecommunications and financial authorities to quickly share new fraud methods and related damage cases among institutions, and actively cooperate to promptly disseminate this information to telecommunications and financial companies. Joint promotional activities to prevent financial crime victims such as voice phishing will also be conducted using online and offline channels of the telecommunications and financial industries.

The Ministry of Science and ICT and others expect that linking the functions and authorities of telecommunications and financial authorities through this business agreement will create synergy in institutional improvement efforts to eradicate voice phishing.

Meanwhile, related ministries and agencies plan to form and operate a working-level consultative body to ensure the business agreement is implemented effectively, and through this, prepare detailed implementation plans for each task and manage them systematically.

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