Financial Services Commission to Build 'Voice Phishing AI Platform'

Field Meeting Held to Eradicate Voice Phishing
Institutional Reforms Planned for All Stages: Prevention, Blocking, Remedy, and Public Awareness

Financial authorities are launching the development of an artificial intelligence (AI) platform to counter rapidly evolving voice phishing crimes.

The Financial Services Commission announced on the 28th that Vice Chairman Kwon Daeyoung presided over a 'Field Meeting for the Eradication of Voice Phishing.' This meeting was organized after President Lee Jaemyung ordered extraordinary measures against voice phishing in June, followed by more than ten working-level expert meetings.

Currently, individual financial institutions use Fraud Detection Systems (FDS) to detect accounts suspected of involvement in voice phishing crimes and take actions such as suspending payments. However, there have been criticisms that these efforts rely on the independent analytical capabilities of each financial institution, and that the lack of real-time information sharing between institutions results in delays in blocking criminal accounts.

In response, the Financial Services Commission plans to establish the infrastructure for a voice phishing AI platform within this year. The initial plan is to specify measures for concentrating and utilizing information within the scope of current laws, and to ensure the platform is launched quickly.

On the platform, information related to voice phishing suspect accounts from all financial institutions, telecommunications companies, and investigative agencies will be managed in two categories: 'information requiring urgent sharing' and 'AI analytical information.'

'Information requiring urgent sharing' refers to data that must be immediately exchanged between institutions to respond to urgent voice phishing situations. For example, contact information for suspected victims will be instantly shared with the relevant institutions, enabling immediate actions such as suspending payments to criminal accounts.

'AI analytical information' refers to data focused on analyzing the characteristics of voice phishing suspect accounts among the numerous accounts held by financial institutions, in order to identify them in advance.

Meanwhile, after building the platform this year, the Financial Services Commission plans to sequentially announce policy tasks that will bring fundamental changes to each stage of 'prevention, blocking, remedy, and public awareness' in order to eradicate voice phishing. In addition, to ensure robust operation, the Commission plans to include special provisions for information sharing, including personal information, in the 'Telecommunications Fraud Damage Refund Act' within this year.