KakaoBank Provides 20 Billion KRW Support to Prevent Phishing Scams

[Asia Economy Reporter Kiho Sung] On the 19th, KakaoBank's board of directors selected “Strengthening the Mobile Financial Safety Net” as a key agenda item for social responsibility activities, aiming for safer and more secure services, and resolved to support a total of 20 billion KRW over the next five years starting this year.

In response to the increasing sophistication of financial fraud such as phishing, KakaoBank determined that social efforts to create a safe financial transaction environment through “togetherness” must be further strengthened, and thus prioritized “Strengthening the Mobile Financial Safety Net” as its top social responsibility activity.

KakaoBank also decided to share with society the technologies and research results related to its financial fraud prevention system, which it developed and applied in actual financial fraud monitoring and prevention programs, to explore better evolutionary measures. The KakaoBank Financial Technology Research Institute, designated as an innovative financial service, has selected the advancement of technology for financial fraud prevention as a major research task.

KakaoBank sets the technological advancement for financial fraud prevention as a shared agenda that our society must address to create a safe financial ecosystem and will conduct related discussions and activities.

KakaoBank will expand collaboration with companies such as telecommunications providers and other financial institutions that can participate in financial fraud prevention. It plans to engage in various support activities for technological research and social programs related to financial fraud prevention.

Educational activities for financial fraud prevention will also be expanded, and promotional efforts strengthened. By analyzing types of financial fraud, KakaoBank will send customer caution alerts through mobile applications and provide education on safe mobile financial service usage targeting teenagers and the elderly, while increasing support for related organizations.

Yoon Ho-young, CEO of KakaoBank, stated, “Social discussions to create a safer and more secure environment for financial service users in the mobile financial era must accelerate,” and added, “KakaoBank will further expand support and sponsorship for the coexistence of our society rather than for vested interests.”