Shinhan Bank and Korbit Establish Hotline to Prevent Voice Phishing Damages

Shinhan Bank announced on the 26th that it has signed a business agreement with the virtual asset exchange Korbit to prevent damages from telecommunication financial fraud, such as voice phishing.

On the 26th, at the Shinhan Bank headquarters in Jung-gu, Seoul, Shin Sanghyuk, President of Shinhan Bank (left), and Oh Sejin, CEO of Korbit, signed a "Voice Phishing Damage Prevention Business Agreement" and took a commemorative photo. Provided by Shinhan Bank

The signing ceremony, held at the Shinhan Bank headquarters in Jung-gu, Seoul, was attended by Shin Sanghyuk, President of Shinhan Bank, and Oh Sejin, CEO of Korbit.

This business agreement follows Shinhan Bank's launch of the "Virtual Asset Task Force" in February this year, with the enhancement of the financial consumer protection system set as a core initiative. In particular, the agreement was promoted to establish effective countermeasures, as cases of voice phishing funds being laundered through virtual assets have surged recently.

Through this agreement, the two companies plan to cooperate on several fronts, including sharing information on suspected fraud accounts and establishing a hotline, collaborating on the reimbursement of KRW-denominated damages from voice phishing crimes, and supporting training for staff involved in voice phishing prevention. The scope of cooperation will be gradually expanded.

Shin Sanghyuk, President of Shinhan Bank, stated, "This is a strategic measure to respond to rapidly evolving telecommunication financial fraud in the digital financial environment and will serve as an effective collaboration model. We will continue to provide financial services that prioritize the protection of our customers' assets."

Meanwhile, Shinhan Bank has been continuously conducting support and prevention activities through its "Voice Phishing Zero Project." The bank also signed an agreement with the Community Chest of Korea to provide 10 billion KRW annually for three years starting in September 2023, totaling 30 billion KRW in support. Through this initiative, the bank provided a total of 6.4 billion KRW in living expenses to more than 2,300 vulnerable victims by last year.