Saemaeul Geumgo Enhances Customer Asset Protection by Upgrading Abnormal Transaction Detection System

Strengthening Prevention of Large-Scale Embezzlement and Identity Theft Targeting Middle-Aged and Elderly Customers
Immediate Response Measures with 24/7 Monitoring for Abnormal Financial Transactions

The National Credit Union Federation of Korea announced on the 14th that it has enhanced its 'Fraud Detection System (FDS)' to identify and block abnormal transactions such as large-scale deposits and withdrawals in order to strengthen the protection of financial consumers' assets.

The FDS is a system that comprehensively analyzes and detects various data such as access information and transaction information obtained from customers' financial services to identify and preemptively block abnormal financial transactions.

The National Credit Union Federation of Korea devised and applied more than 250 scenarios, including 51 abnormal transaction detection scenarios suggested by the financial authorities' 'FDS Operation Guidelines,' taking into account the characteristics of Saemaeul Geumgo.

As of December 31, last year, Saemaeul Geumgo operates 1,276 corporations and 3,249 branches nationwide. In particular, it maintains about 400 branches in 89 population decline areas designated by the Ministry of the Interior and Safety, filling the gaps left by commercial banks. These areas have a relatively high proportion of middle-aged and elderly customers who are vulnerable to financial fraud. Therefore, during the FDS enhancement process, the National Credit Union Federation of Korea refined scenarios to prevent fraud such as large-scale embezzlement and identity theft targeting middle-aged and elderly customers, further strengthening the protection of customers' assets.

As of the end of 2023, the total damage from telecommunication financial fraud in the financial sector was 196.5 billion KRW, a significant increase of 35.4% compared to the previous year (145.1 billion KRW). In response, Saemaeul Geumgo prepared countermeasures such as enhancing the FDS due to a sharp rise in high-value damage cases exceeding 10 million KRW.

Saemaeul Geumgo will continuously analyze new types of fraud and damage such as voice phishing and frequently improve detection scenarios to promptly respond and prevent financial damage from evolving fraud methods.

Kim In, Chairman of the National Credit Union Federation of Korea, stated, "We will continue to focus all efforts on protecting the assets of Saemaeul Geumgo customers by enhancing the detection of abnormal financial transactions through continuous analysis of new voice phishing fraud and damage types."