Woori Bank Opens 'Abnormal Sign Detection System'... "Proactive Prevention of Financial Incidents"

Sends signals for immediate inspection upon detection of abnormal transactions
Effectively prevents recurrence of identical incidents
Plans to establish an integrated internal control system utilizing AI in the future

Woori Bank announced on the 24th that it will launch an 'Anomaly Detection System (FDS)' that detects abnormal signs using financial fraud patterns as part of its proactive financial accident prevention and internal control innovation measures.

Im Jong-ryong, Chairman of Woori Financial Group, announced at the National Assembly audit in October that a computerized system providing early inspection start signals for abnormal transactions would be established and implemented starting this year. With the establishment of this inspection system, Woori Bank has become the first in the banking sector to introduce a scenario-based fraud detection system into actual operations, and plans to continuously accumulate data based on this to enhance the system.

This system analyzed a large volume of transaction data related to previously occurred incidents or vulnerable types of incidents, such as △false annual income input during loan processing △submission of false fund usage supporting documents △secretly terminating fixed deposits and embezzling funds from customers. Based on this, behavioral pattern scenarios that can detect specific abnormal transaction signs after branch business closing hours were created, effectively preventing the recurrence of the same types of incidents.

When abnormal transactions occur according to these behavioral pattern scenarios, the inspection system monitoring detects the transactions and sends alerts and materials to the responsible inspectors, enabling immediate inspection initiation. It is especially expected to proactively prevent incidents that may occur in various transactions at branches.

Woori Bank developed △financial fraud pattern analysis and scenario creation △internal control database construction △monitoring visualization dashboard, and with the opening of this system, established a series of processes to extract and utilize the latest data based on high-risk scenarios for inspections.

The construction of the ‘FDS’ is a preliminary step toward establishing Woori Bank’s integrated internal control system. The behavioral pattern scenarios used this time are expected to become an important foundation for building an integrated AI-based system in the future.

A Woori Bank official said, "The financial fraud pattern-based ‘FDS’ proactively prevents financial accidents that cannot be detected in individual transactions and has the advantage of preventing repeated identical types of financial accidents through financial accident monitoring," adding, "We will actively utilize the ‘FDS’ and continuously strive for flawless internal control, including early detection of fraudulent activities."