KT partners with Shinhan to upgrade AI-based financial fraud prevention system

By Park Sae-jin Posted : May 2, 2022, 11:07 Updated : May 2, 2022, 11:07

[Gettyimages Bank]

SEOUL -- KT, a top telecom company in South Korea, has partnered with a major domestic financial group to upgrade an artificial intelligence-based financial fraud prevention system. The anti-fraud system will help the financial service operator preemptively detect and cut off fraud attempts in real-time.
Phishing is the most common financial fraud method used to lure people to unveil their personal information including their personal identification numbers, bank accounts and passwords, and other critical information. Sometimes criminals disguise themselves as police or bank officials to trick people to transfer money through online banking services.
According to police data, some 233,000 voice phishing cases took place in South Korea between 2011 and 2021. About 3.2 trillion won ($2.5 billion) was stolen from ordinary citizens. The Financial Supervisory Service, a state financial watchdog, said that people in their 50s were most vulnerable to voice phishing fraud cases, accounting for 32.9 percent of the total.
KT signed a memorandum of understanding with Shinhan Financial Group, the country's second-largest financial service provider, to upgrade Shinhan's financial fraud prevention system. KT will provide AI and big data processing solutions to enable the system to quickly detect and terminate fraud attempts in real-time.
"The partnership with Shinhan Financial Group will create new values by establishing a safe financial ecosystem," KT's AI and digital transformation division vice president Song Jae-ho said in a statement on May 1. 
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