IBK Industrial Bank, Automatic Verification of 'Suspicious Fraud Accounts' in Mobile Banking

IBK Industrial Bank announced on the 3rd that it has implemented the ‘Automatic Verification of Suspicious Fraud Accounts’ service on its personal mobile banking platform.

The ‘Automatic Verification of Suspicious Fraud Accounts’ service is a feature in i-ONE Bank that automatically checks the fraud report history of the recipient’s account during a transfer without requiring a separate application process, helping to prevent financial fraud incidents.

Since April, IBK has piloted this service as part of its ‘Easy Banking’ initiative aimed at alleviating inconveniences for financially vulnerable groups such as the elderly and people with disabilities. As a result, the average monthly detection of fraudulent accounts increased approximately sixfold, confirming the service’s effectiveness in preventing fraud damage.

IBK has been providing the ‘Pre-Check of Suspicious Fraud Accounts’ service since 2017 in collaboration with TheCheat, a fraud transaction information-sharing platform company, marking a first in the financial sector. This service was recognized for its success in protecting customers from financial fraud and was selected as an exemplary case in the Financial Services Commission’s entrusted test in March.

An IBK representative stated, “We will do our best to ensure that financial consumers can conduct transactions with confidence in a non-face-to-face environment.”