Shinhan Life is enhancing its financial fraud detection system to block voice phishing incidents before victims can report them.
The company announced on September 4 that it has established a new fraud detection system (FDS) that utilizes suspicious voice phishing information to detect unusual transactions in real time.
Recently, financial authorities have activated a system for sharing and utilizing voice phishing information held by financial companies, telecommunications firms, and law enforcement agencies, following the implementation of the revised Special Act on Prevention of Telecommunications Financial Fraud and Refund of Damages.
In response, Shinhan Life has improved its existing voice phishing response system over the past five months, starting in March. The new FDS analyzes access and transaction information in real time from the moment a customer logs in until they apply for insurance payouts.
If a risky transaction is detected, the system applies additional authentication, real-time transaction restrictions, customer verification, and SMS notifications based on the level of risk.
An integrated monitoring feature has also been established to manage detection and response processes simultaneously. This allows for the addition of detection scenarios or adjustments to criteria in line with evolving voice phishing tactics, enabling the company to respond to new types of financial incidents.
A Shinhan Life representative stated, "As voice phishing tactics become more diverse and sophisticated, it is crucial to detect unusual transactions early and respond swiftly. We will strengthen the protection of customer assets by utilizing the FDS and our group’s joint response system."
* This article has been translated by AI.
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