Financial Services Commission Holds "Voice Phishing Prevention Policy Idea Contest"... 10 Winners Selected

Financial Authorities Announce Winners of Voice Phishing Policy and Promotion Idea Contest

The Financial Services Commission and the Financial Supervisory Service announced on December 25 that, together with the financial sector, they have selected a total of 10 winners in the nationwide “Voice Phishing Policy and Promotion Idea Contest.”

In the policy idea category, the grand prize was awarded to participant Bae Jongcheol, who proposed a plan to prevent the creation of fraudulent bank accounts by allowing financial institutions to share information on corporate clients whose account openings were rejected due to suspected voice phishing, and to convert existing corporate accounts into restricted accounts.

In the same category, participant Lee Junghoo received the excellence award for suggesting that notifications of open banking registrations be expanded from the representative line to all lines owned by the account holder, and that additional information such as access IP and device details be shared when withdrawal requests are made through open banking, to help detect suspicious transactions.

In the promotional video category, the grand prize went to participant Choi Miseong, who created a video using paper art to compare the sophisticated tactics of voice phishing to fishing. Participant Kim Junyoung received the excellence award for producing a video that highlights the dangers of voice phishing crimes involving impersonation of acquaintances using artificial intelligence (AI) and deepfake technologies.

The financial authorities emphasized that they plan to actively review ways to implement the public’s ideas for preventing voice phishing, as proposed in this contest, into actual policy. The winning promotional works will be used in various media, including monitors and smart devices at financial institution branches and the YouTube channel, to promote information at a level accessible to the public.

An official from the Financial Services Commission stated, “We extend our deepest gratitude to all contest participants who provided a variety of ideas to eradicate voice phishing,” and added, “Going forward, the Financial Services Commission and the Financial Supervisory Service will continue to listen to public opinion through various channels.”