Voice Phishing Information Sharing Blocks 66.3 Billion Won in Damages in Just Nine Months

A Total of 463,000 Suspicious Cases Shared; Payments Suspended on 7,009 Accounts
Strengthened ASAP Integration Among Finance, Telecom, and Law Enforcement
Sector-wide Inspection of Borrowed-name Accounts Across All Financial Institutions

In just nine months since the start of collaboration among the financial, telecommunications, and law enforcement sectors through the sharing of suspected voice phishing information, a total of 7,009 accounts have had payments suspended, and potential damage amounting to 66.3 billion won was prevented in advance.

On August 20, the Financial Services Commission, chaired by Vice Chairman Kwon Dae-young, held the ‘2nd Voice Phishing Eradication Council’ together with officials from the National Police Agency, National Tax Service, Financial Supervisory Service, Financial Security Institute, and major commercial banks. The council reviewed the operational status of the integrated information-sharing system that leverages the Voice Phishing Information Sharing and Analysis AI Platform (ASAP).

According to the Financial Services Commission, since the launch of ASAP in October last year—built upon voice phishing suspicion data held by banks—a total of 463,000 cases of suspected voice phishing information from banks have been shared over the past nine months, up through last month. As a result, payment suspensions were applied to 7,009 accounts, successfully blocking 66.36 billion won in potential losses in advance.

On August 4, an amendment to the “Act on Compensation for Financial Losses Caused by Telecommunications-based Financial Fraud” took effect. It allows financial institutions, telecom operators, and investigative agencies to promptly share their own voice phishing suspicion data through ASAP and utilize it for measures such as account suspension, communication blocking, and suspect apprehension. Immediately after implementation, telecom operators began feeding ASAP with around 100 pieces of information, such as phone numbers suspected of being used in voice phishing. Relevant agencies are responding by linking this information with the Financial Transaction Detection System (FDS).

The Financial Services Commission announced plans to identify additional tasks to eradicate voice phishing crimes in partnership with related agencies, and to actively support National Assembly deliberations on a revised “Act on Compensation for Financial Losses Caused by Telecommunications-based Financial Fraud” that would introduce strict liability provisions.

In particular, beyond voice phishing, the commission plans to assess the overall status of ‘borrowed-name accounts’ (used as tools for various crimes such as drug offenses and illegal gambling) across the entire financial sector. For identified borrowed-name accounts, necessary measures will be reviewed in cooperation with the Ministry of Justice, National Tax Service, and National Police Agency. Institutional improvements aimed at suppressing the generation of new borrowed accounts will also be pursued in parallel.

Vice Chairman Kwon stated, “Through ASAP, the financial, law enforcement, and telecommunications sectors—which had previously operated in isolation—have now been connected in a single system by new technology and new methods, allowing for practical collaboration.” He continued, “To root out borrowed-name accounts, which are breeding grounds for various crimes, we plan to pursue both comprehensive inspections and institutional improvements across the entire financial sector.” He added, “We will continue to strengthen collaboration among ministries, agencies, and sectors to reduce damages from financial crimes, including voice phishing, and we urge all stakeholders, including the financial sector, to actively cooperate.”

This content was produced with the assistance of AI translation services.