SK Telecom-Shinhan Card Collaborate to Prevent Financial Crime Using AI Technology... MOU Signed

Combining Yangsa Solutions for a Secure Financial Environment
Commercial Service to Launch in the First Half of Next Year

SK Telecom and Shinhan Card have joined forces to prevent cyber financial crimes using advanced artificial intelligence (AI) technology.

Lee Gyusik, SK Telecom AI Contact Business Manager (fourth from the left), and Jin Mikyung, Shinhan Card Chief Customer Officer (third from the left), are signing the agreement and taking a commemorative photo. Photo by SKT

On the 20th, SKT announced that it had signed a business agreement with Shinhan Card to "prevent cyber financial crimes based on AI." The core of this agreement is to enhance the financial crime prevention system by utilizing the AI technology and security capabilities possessed by both companies.

The goal is to provide customers with a safe financial transaction environment by combining SKT's "FAME" solution with Shinhan Card's system "FDS," which detects abnormal signs during electronic financial transactions. FAME is a technology that uses location and movement data, as well as call and text message transmission and reception information owned by SKT, adding stability to financial institutions' authentication systems and abnormal transaction detection systems.

For example, if the use of a lost or stolen credit card is confirmed, with the customer's consent, it becomes possible to automatically determine compensation by comparing the approved merchant's and the customer's location information in real time. Previously, the card company had to visit the customer directly or verify by phone, but now compensation can be provided without additional verification processes.

If a customer has a history of calling a voice phishing number, card payments or account transfers can be temporarily suspended, and a warning alert can be sent to the customer.

In the future, the two companies will form a joint consultative body to select and review cooperative tasks and proceed with development. Commercial service is planned to start in the first half of next year.