Shinhan Financial Group said Tuesday it prevented about 800 million won ($800,000) in customer losses within two weeks of launching its “one-stop joint response service” against voice phishing.
The service is the first in South Korea’s financial industry to link fraud detection system (FDS) information across group affiliates, Shinhan said.
It shares suspicious transaction data in real time among key units — banking, card, securities and insurance — to detect and respond to voice phishing early. The Financial Services Commission designated the program as an innovative financial service in September last year. Since full operations began April 10, Shinhan said it analyzed 1,111 suspicious cases over about two weeks and detected 41 abnormal transactions.
Under the Financial Holding Company Act, sharing customer information among affiliates has been limited to internal management purposes, creating institutional constraints on real-time linkage of abnormal-transaction data for voice phishing prevention, the group said. Shinhan said it addressed those limits by integrating FDS operations that had been run separately by each company, allowing consolidated analysis of transaction flows across affiliates.
Shinhan said it plans to strengthen industrywide safeguards by linking the service with the financial authorities’ AI-based voice phishing information-sharing and analysis platform, ASAP.
A Shinhan official said the initiative is significant because it removes institutional barriers in fraud prevention and improves customer asset protection through group-level cooperation. The official said Shinhan will continue working with financial authorities and the broader financial sector to help build a safer financial environment.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.