Gwangsan-gu, Council, and Gwangsan Police Station in Gwangju Sign Business Agreement
[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Gwangju Bank (President Song Jongwook) has strengthened its cooperation system to eradicate telephone financial fraud (voice phishing).
On the 23rd, Gwangju Bank announced that it signed a business agreement with Gwangsan District Office of Gwangju Metropolitan City, Gwangsan Police Station, and Gwangsan District Council to prevent financial fraud such as voice phishing.
According to this agreement, each institution plans to establish a mutual cooperation system to strengthen financial fraud response capabilities and promote customer-oriented response activities for financial fraud prevention by combining various promotional channels of each institution.
Since November last year, Gwangju Bank has been operating an ‘Integrated AI FDS’ system that combines artificial intelligence models to efficiently prevent voice phishing financial fraud.
Based on this, the bank plans to strengthen detection and response capabilities for suspicious financial fraud transactions and cooperate mutually with each institution.
The ‘FDS (Fraud Detection System)’ is a system that comprehensively analyzes terminal information, access information, transaction details, etc., used in electronic financial transactions to detect suspicious transactions and block abnormal financial transactions. It organically responds to new fraud methods such as voice phishing and proxy accounts by detecting and blocking financial transactions that differ from users’ usual patterns.
The ‘Integrated AI FDS’ is a system that advances this ‘FDS’ based on AI to learn new abnormal transaction data.
Through the Integrated AI FDS, Gwangju Bank is shortening the time required for responding to unusual transactions and authentication services, instantly analyzing voice phishing monitoring, and promptly responding to abnormal transactions, thereby strengthening prevention of financial fraud damage.
Deputy President Lee Kwangho said, “As financial fraud becomes increasingly sophisticated, Gwangju Bank is also advancing security functions and systems to protect financial consumers. We will actively cooperate with each institution to advance abnormal transaction analysis and monitoring systems to safely protect customers’ valuable assets from financial fraud such as voice phishing.”
Meanwhile, by applying technology that detects abnormal authentication transactions in advance to the existing Integrated AI FDS for identity verification during financial transactions, Gwangju Bank prevented financial fraud damage of 40 million won from a voice phishing scammer impersonating a child. In May alone this year, it prevented 30 cases of voice phishing, amounting to about 500 million won.
Also, as the Financial Consumer Protection Department is in charge of overall work related to responding to financial fraud such as voice phishing and information leakage scams, the bank has achieved results in preventing voice phishing of 700 million won in 2018, 1.3 billion won in 2019, 1.5 billion won in 2020, and 1.2 billion won currently in 2021 through multifaceted efforts including financial fraud prevention education for both employees and customers.
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