Shinhan Bank Launches 'Anti-Phishing Platform' to Prevent Voice Phishing

[Asia Economy Reporter Haeyoung Kwon] Shinhan Bank announced on the 31st that it has implemented an 'Anti-Phishing Platform' and significantly upgraded its monitoring system to protect customers from telecommunication financial fraud.

The Shinhan Bank Anti-Phishing Platform is a monitoring system that enhances the speed of suspicious transaction judgment through system improvements and advances the analysis capability of financial fraud transactions by utilizing accumulated telecommunication financial fraud transaction data and artificial intelligence (AI) technology. It was developed primarily by IT staff from Shinhan Bank's related departments without outsourcing to external companies. After a two-month pilot operation starting last month, it will begin official operation on the 1st of next month.

The new Anti-Phishing Platform first introduced an 'Integrated Monitoring' system that allows quick judgment of financial fraud transactions by providing a comprehensive view of customer information and suspicious transaction details. Monitoring staff can grasp overall information about financial fraud transactions at a glance through this system.

Additionally, Shinhan Bank has improved filtering accuracy across all face-to-face and non-face-to-face transactions, including branch counters, mobile, internet, and automated teller machines (ATMs), strengthening the ability to distinguish between suspicious and normal transactions. The volume of transaction types and variable data used in the deep learning analysis process has been expanded, and the control capability over suspicious transactions has also been enhanced.

Regarding the recent voice phishing scams impersonating COVID-19, Shinhan Bank promptly notified employees of such cases and produced and distributed guidance materials for customers. The bank is making every effort to prevent damage by posting content on official YouTube, Facebook, Instagram accounts, and Naver Post. In the second half of the year, it plans to develop and launch an anti-phishing application in collaboration with the Financial Supervisory Service.

A Shinhan Bank official stated, "We are establishing proactive measures in various areas, including platform innovation, to 'grow together' with customers and protect financial consumers," adding, "We will continue to make efforts to prevent customers from suffering telecommunication financial fraud damages in advance."