'Financial Fraud Response TF' Launched... Introduction of Internal Evaluation System

The 'Financial Fraud Response Task Force (TF)' aimed at preventing financial fraud such as voice phishing has taken its first step. The TF, led by the Financial Supervisory Service (FSS), held its inaugural meeting on the 27th at its headquarters in Yeouido, Seoul, together with 19 banks, 13 associations, and central organizations.

At the meeting, the FSS decided to introduce an internal control evaluation system to encourage the financial sector's voluntary reduction of financial fraud damages.

The core of this system is to develop indicators that can measure financial companies' efforts in preemptive damage prevention and post-damage relief results, and to conduct internal control evaluations accordingly. Companies with excellent results will share best practices through Chief Customer Officer (CCO) meetings, while those with insufficient results will be encouraged to improve voluntarily.

A rapid response system will also be established to timely share new fraud techniques. To promptly identify and respond to financial fraud methods recognized in the field, dedicated contact points will be designated for each financial sector and company. Detailed work procedures for rapid response personnel will also be established.

A joint campaign for financial fraud prevention will be conducted both online and offline by establishing promotional strategies tailored to the needs of financial consumers.

As criminal methods such as voice phishing exploiting the convenience of open banking have rapidly evolved recently, the FSS is participating in the financial sector's institutional improvement efforts as part of the 'Government-wide Voice Phishing Response TF.'