The "Telecommunications Fraud Victim Refund Act Amendment," which aims to prevent damage by sharing suspected voice phishing information through artificial intelligence (AI), passed the National Assembly on January 15.
The Financial Services Commission announced that the amendment to the "Special Act on the Prevention of Damage from Telecommunications-Based Financial Fraud and Refund of Damages," which includes the legal basis for operating the AI platform for voice phishing information sharing and analysis (ASAP), was passed at the National Assembly plenary session on this day.
Launched in October last year, ASAP collects suspected information from the financial, telecommunications, and law enforcement sectors, analyzes it using AI, and shares the results in real time with relevant agencies, financial institutions, and investigative authorities.
With the passage of this amendment, a clear legal basis has been established for the scope of information sharing and the operating entities. The amendment expands the scope of information sharing to include not only accounts used by fraudsters but also victims' accounts as "accounts suspected of being related to fraud." In addition, for the safe operation of the platform, the Financial Services Commission will designate and supervise information sharing and analysis agencies.
The amendment is scheduled to take effect six months after its promulgation, around August 2026.
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