SK Telecom's 'FAME' Blocks Suspected Voice Phishing Transactions... Shinhan Card First to Adopt

SK Telecom Launches AI Security Platform Based on Telecommunications Data
Integration of Telecom and Financial Data
Preventing Financial Crime and Customer Losses

On October 29, SK Telecom announced the launch of its AI security solution 'FAME' to prevent cyber financial crimes, and the signing of its first supply contract with Shinhan Card.

Jun Park, Head of AI Intelligence Business Division at SK Telecom (left), and Moonil Cho, Head of Consumer Protection Division at Shinhan Card, are posing for a commemorative photo after signing the supply contract for "FAME." Provided by SK Telecom

FAME is a big data-based artificial intelligence (AI) security platform developed in-house by SK Telecom. It analyzes telecommunications data such as location, calls, and text messages using AI to detect and prevent financial fraud patterns in real time, including voice phishing, smishing, and various fraudulent transactions. In particular, in the case of voice phishing, if a customer is on a suspicious call or attempts a financial transaction immediately after such a call, FAME detects abnormal signs and can immediately block the transaction or send a warning message to prevent financial losses.

SK Telecom supports financial institutions, public agencies, and corporate clients in integrating their own Fraud Detection Systems (FDS) with FAME to proactively block customer damages. Shinhan Card is the first client for FAME. The two companies recently signed a supply agreement for FAME and agreed to combine telecommunications and financial data to dramatically enhance the level of customer protection.

Last November, the two companies signed a memorandum of understanding (MOU) to advance their financial crime prevention systems and proactively applied related technologies. A notable achievement was the prevention of unauthorized use in cases of card theft or loss. By September of this year alone, the system was utilized in more than 2,500 cases of theft or loss. In addition, when multiple credit card payments are attempted in a short period from remote locations such as Seoul, Daegu, or Busan, the system cross-verifies mobile phone location information to more accurately determine whether the transaction is suspicious.

Jun Park, Head of AI Intelligence Business Division at SK Telecom, said, "We are pleased to create an environment where customers can use financial services with greater confidence through our collaboration with Shinhan Card, a leader in the financial sector. By supplying FAME, we aim to set a new standard for financial security by integrating telecommunications and financial data."

Moonil Cho, Chief Consumer Protection Officer (CCO) at Shinhan Card, stated, "The introduction of FAME is an innovative step that makes our customers' financial lives safer and more convenient. We will continue to strengthen our digital security capabilities and lead the industry standard."