[Weekly Savings Bank] Preventing Voice Phishing Incidents Through Employee Ingenuity and More

Kim Young-joo, Assistant Manager of JT Chin-ae Savings Bank Daejeon Branch (left), is receiving a certificate of appreciation from Lee Dong-gi, Chief of Daejeon Dunsan Police Station, on the 6th. Photo by JT Chin-ae Savings Bank

[Asia Economy Reporter Kim Min-young] An employee of JT Chin-ae Savings Bank prevented a phone financial fraud (voice phishing) involving hundreds of millions of won.

According to JT Chin-ae Savings Bank on the 8th, on the 30th of last month, Kim Young-joo, a manager at the Daejeon branch of the savings bank, attended to a customer in his 70s who requested to withdraw cash by prematurely terminating a fixed deposit of 50 million won. The customer completed a financial fraud prevention checklist with Manager Kim and calmly explained that the cash withdrawal was to pay labor costs from construction payments, showing no unusual behavior. Nevertheless, considering the customer's advanced age and lack of accompanying family members, Manager Kim recommended using a check or remittance instead of cash and suggested police accompaniment if the customer insisted on withdrawing cash. However, the customer firmly denied that it was voice phishing and refused.

When Manager Kim asked where and how the money would be used, the customer replied that he would take a taxi to a neighborhood different from the registered address in the system, which raised suspicion. Manager Kim continued the conversation to buy time. Meanwhile, when the manager called the customer's mobile phone, it was busy, and seeing a 050 number on the phone left on the lobby chair, he became certain it was voice phishing and reported it to the police.

Police investigation confirmed that the caller was a voice phishing scammer. The customer had already withdrawn 50 million won from another financial institution, so the confirmed prevented damage amounted to at least 100 million won.

JT Chin-ae Savings Bank announced that Manager Kim received a letter of appreciation from the Daejeon Dunsan Police Station.

◆ The thriving BangBangBang app

Sangsangin Savings Bank’s comprehensive digital financial platform, the ‘BangBangBang’ application (app), is showing strong growth.

Sangsangin Savings Bank announced that the number of new accounts opened through the BangBangBang app exceeded 50,000 within one month of its launch.

The BangBangBang app is Sangsangin Savings Bank’s first financial platform, providing services such as 24/7 account opening without branch visits through non-face-to-face real-name verification, automatic loans without phone calls, account management, loan management, zero remittance fees, and instant transfers.

As of the 31st of last month, cumulative visitors surpassed 250,000, new accounts exceeded 50,000, and deposits and savings worth 36 billion won were attracted.

The regular savings account offering an annual interest rate of 1.7% attracted over 25 billion won in one month.

Lee In-seop, CEO of Sangsangin Savings Bank, said, “We will continue to consider convenience and benefits to provide better services and repay customers’ interest and love.”

Lee Joong-moo (left) of Accuon Capital · Lee Ho-geun, CEO of Accuon Savings Bank

◆ Accuon subsidiaries’ CEOs reappointed together

Lee Jung-moo, CEO of Accuon Capital, and Lee Ho-geun, CEO of Accuon Savings Bank, have been reappointed simultaneously.

Accuon, which has these financial companies as affiliates, announced that each affiliate held shareholders’ meetings and board meetings at the end of last month and confirmed the reappointment of the two CEOs.

Lee Jung-moo and Lee Ho-geun took office as CEOs in August last year and were recognized for their achievements such as good performance and strengthening company competitiveness despite economic downturn risks due to export and domestic demand slumps and market uncertainties caused by COVID-19.

Since their appointments, Accuon Capital and Accuon Savings Bank have shown rapid asset growth. According to Accuon Capital’s quarterly report, assets on a separate basis reached 3.5464 trillion won in the first quarter. This is an increase of about 383.9 billion won (12.1%) since the second quarter of last year before Lee Jung-moo took office. Accuon Savings Bank’s total assets also increased by about 437.8 billion won (19.8%) during the same period, reaching 2.6505 trillion won in the first quarter.

CEO Lee Jung-moo said, “Although it is a difficult time in the post-COVID era, under the One Accuon strategy, we will successfully navigate the rough waves together with the capital and savings bank.” CEO Lee Ho-geun said, “We aim to achieve assets of 4.5 trillion won and enter the top three in the industry.”