Financial companies, telecom providers, and law enforcement agencies are launching a new system to share suspected voice phishing information on a single platform. This initiative aims to enhance initial responses by quickly sharing information on suspicious accounts, phone numbers, and malicious applications, allowing for prompt actions such as freezing accounts and blocking phone numbers.
The Financial Services Commission announced that the revised Special Act on the Prevention of Telecommunications Financial Fraud and its enforcement decree will take effect on August 4. This will enable the sharing of financial, telecommunications, and investigative information through the voice phishing information sharing and analysis AI platform known as ASAP.
ASAP has been operational since October of last year, primarily focusing on banking sector information. However, the lack of a clear legal basis for information sharing limited participation to financial institutions, making it difficult to fully utilize telecommunications and investigative data.
With the implementation of the revised regulations, not only financial institutions but also telecommunications operators, law enforcement agencies, the Financial Supervisory Service, the Financial Intelligence Unit (FIU), electronic financial service providers, cryptocurrency exchanges, and the Korea Information and Communication Promotion Association can now provide suspected information to the ASAP operating agency without needing individual consent from the data subjects.
The information shared will include account numbers, transaction histories, and personal information of individuals associated with accounts that have been used for fraud or are suspected of being fraudulent. Additionally, phone numbers suspected of being used for voice phishing, user information, and details about malicious apps will also be shared.
Each agency will not only provide information but will also receive data from other agencies and analysis results from ASAP. Financial institutions can use this information to quickly freeze suspicious accounts, while telecom companies can urgently block phone numbers used for criminal activities. Law enforcement agencies can also utilize the relevant information in their investigations.
The new regulations also provide a basis for excluding the application of laws that restrict information sharing, such as the Financial Real Name Act and the Credit Information Act. However, to prevent misuse of personal information, safeguards regarding data retention periods and destruction methods will be included in subordinate regulations.
Considering the operational experience of ASAP and expertise in financial security, the Financial Services Commission has designated the Financial Security Agency as the information sharing and analysis agency. The system integration between telecom companies, law enforcement agencies, and ASAP has also been completed, allowing for immediate information sharing upon the law's enactment.
* This article has been translated by AI.
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