This file photo shows ATMs of major South Korean banks. (Yonhap)
SEOUL, March 1 (Korea Bizwire) — With the value of losses caused by voice phishing estimated at about 1.7 trillion won (US$1.28 billion) over the past five years, South Korean banks are exploring various measures to limit future losses from similar criminal activity.
Shinhan Bank introduced an alarm system in March last year that uses artificial intelligence (AI) to analyze the behaviors of automated teller machine (ATM) users and generate alarms if there is a potential that they are voice phishing victims or voice phishing ring members.
When customers talk on the phone while using an ATM or customers wear sunglasses, motorcycle helmets, or hats, the system uses CCTV-connected AI to analyze the possibility of a connection to voice phishing crimes.
Since the system was introduced, the number of bank accounts reported for voice phishing crimes and the number of reported voice phishing incidents have declined by 67 percent and 38 percent, respectively.
Busan Bank is also operating a new system in which a dedicated team at headquarters is instantly mobilized if bank tellers simply click an icon in an internal messenger when voice phishing-related emergency situations occur.
Meanwhile, 19 commercial banks and the Financial Supervisory Service on Monday launched a task force team to eradicate voice phishing crimes.
J. S. Shin (js_shin@koreabizwire.com)
