Financial Regulator Credits AI Tool With Preventing Millions in Fraud
SEOUL, Jan. 28 (Korea Bizwire) – A new platform based on artificial intelligence (AI) has prevented some 19 billion won (US$13 million) in financial losses from voice phishing scams over the past three months, the financial regulator said Wednesday.
The country launched the platform, dubbed the AI-based Phishing Sharing and Analysis Platform (ASAP), in late October to enhance anti-fraud efforts.
According to the Financial Services Commission (FSC), 148,000 cases of voice phishing-related information have been shared among financial institutions between Oct. 29 and Jan. 21, and transfers from 2,705 accounts have been halted.
The platform allows 130 financial firms to share phishing-related information, such as victim accounts and suspicious transactions.
The country has been intensifying efforts to crack down on rising phishing crimes.
The ASAP highlights the country’s growing commitment to protecting financial consumers and restoring trust in digital financial systems, the FSC said.
Phishing is a type of crime where victims are conned into transferring money to scammers or sharing their personal information, thus allowing fraudsters to access their bank accounts.
(Yonhap)
