Shinhyup Protects 5.5 Billion Won of Ordinary Citizens' Assets Through Voice Phishing Prevention

In January Next Year, 'Electronic Financial Service Suspension' Scheduled for Introduction

Exterior view of the National Credit Union Federation of Korea

[Asia Economy Reporter Kwangho Lee] Shinhan Credit Union prevented a total of 5.5 billion KRW in voice phishing damages this year, protecting 10.5 billion KRW of ordinary citizens' assets over two years following last year's prevention amount of 5 billion KRW.

The National Credit Union Federation of Korea announced on the 28th that it prevented a total of 5.5 billion KRW (575 cases) in voice phishing through continuous monitoring of its internal network (900 million KRW, 397 cases) and face-to-face monitoring by 126 credit unions nationwide (4.6 billion KRW, 178 cases).

The Shinhan Credit Union Financial Consumer Protection Team awarded commendations from the federation president to six outstanding employees who prevented telecommunication financial fraud damages and shared the prevention cases with credit unions nationwide.

Among the nationwide credit unions, the Daejeon-Chungnam region recorded the highest number of voice phishing prevention cases with 34. This was followed by Gwangju-Jeonnam region with 30 cases, Daegu-Gyeongbuk region with 29 cases, Incheon-Gyeonggi region with 27 cases, Jeonbuk region with 21 cases, Busan-Gyeongnam region with 15 cases, Chungbuk region with 14 cases, Seoul with 5 cases, Gangwon with 2 cases, and Jeju with 1 case.

The types of voice phishing prevented were recorded as 82 cases of impersonation of prosecutors and others, 54 cases of loan fraud, 28 cases of child kidnapping threats, 8 cases of child impersonation and information leakage, and 6 cases of arresting withdrawal agents.

Lee Seon-ho, head of the Compliance Support Division at Shinhan Credit Union, said, "Shinhan Credit Union conducts its own damage prevention education and plans to introduce a malicious app remote control blocking service and a suspension service for using Shinhan Credit Union electronic finance starting January next year to diversify efforts to eradicate damages."