Financial Services Commission Strengthens Response to Overseas Voice Phishing Crimes... Launches Information Sharing and Analysis AI Platform

Real-Time Sharing of 90 Types of Financial Sector Information

In order to respond more aggressively to the criminal activities of overseas voice phishing organizations, financial authorities have launched an artificial intelligence (AI) platform that enables real-time sharing of 90 types (across 9 categories) of information within the financial sector.

On October 29, the Financial Services Commission held a launch ceremony for the 'ASAP (AI-based Sharing & Analysis Platform for Voice Phishing)' at the Korea Financial Security Institute in Yongin, Gyeonggi Province, where they discussed the current status of voice phishing damage and future response strategies.

Lee Eogwon, Chairman of the Financial Services Commission, stated, "As seen in the recent Cambodian criminal complex case, which shocked our society, voice phishing crimes have evolved into massive, organized international fraud schemes," adding, "It is time for the government, relevant agencies, and the industry to join forces and seek fundamental solutions until these crimes are eradicated."

ASAP includes: ▲ information related to victims' accounts (14 items); ▲ information on accounts used in crimes (18 items); ▲ information on overseas accounts used by international criminal organizations (8 items); ▲ forged identification information; and ▲ information on victims identified through police investigations (4 items). For example, if an overseas account used by a criminal organization from country A for voice phishing is detected, the information is immediately shared with all participating institutions through ASAP, which then blocks remittances and transfers to that account.

The Financial Services Commission expects that the operation of this platform will further strengthen the ability to block international fraud and organized crimes committed by overseas criminal organizations.

In addition to eradicating voice phishing, policy measures to strengthen the protection of citizens' personal information are also being pursued. The comprehensive inspection of information security systems, which is being carried out under the responsibility of all financial sector CEOs, will soon be completed, and improvements to regulations aimed at enhancing security capabilities will also be implemented.

The government plans to promptly prepare amendments to the 'Electronic Financial Transactions Act,' which will include the introduction of punitive fines for information leaks caused by incidents such as hacking, the establishment of a mandatory information security disclosure system for the financial sector, and the strengthening of the authority of Chief Information Security Officers (CISOs).