Shinhan Life Blocks Voice Phishing Before Reports Are Filed

Enhancing the Fraud Detection System

Strengthening Collaboration with Related Institutions

Shinhan Life announced on September 4 that it has launched a new Fraud Detection System (FDS) to detect abnormal financial transactions related to voice phishing.

According to Shinhan Life, Korea's financial authorities have recently implemented an amended “Special Act on the Prevention of and the Return of Financial Damages Caused by Telecommunications-based Financial Fraud” (Telecom Fraud Damage Refund Act), which allows for a more rapid sharing and utilization of suspected voice phishing information held by financial institutions, telecommunications providers, and investigative agencies.

To strengthen customer asset protection, Shinhan Life has enhanced its voice phishing response system over the past five months, starting from March.

The new system analyzes customer access and transaction information in real time during major transaction processes ranging from login to payment application, identifying unusual transactions and applying response procedures based on detection results, such as requiring additional authentication, restricting real-time transactions, providing customer service responses and sending SMS notifications according to each situation.

With integrated monitoring functions and visualized management interfaces, the system enables a more systematic management from detection through to response. The detection scenarios can also be flexibly added or adjusted to keep pace with evolving voice phishing tactics, allowing for faster responses to new types of financial fraud.

By linking with Shinhan Financial Group’s joint response system for voice phishing, suspicious information identified by one group company can be utilized more effectively through the FDS across the entire group. This has further strengthened the group’s consumer protection framework by tightly connecting information sharing and abnormal transaction detection and response systems at the group level.

A Shinhan Life representative stated, “Voice phishing tactics are becoming increasingly diverse and sophisticated, so it is important to quickly detect abnormal transactions and respond in a timely manner. Based on our specialized FDS and the group-wide joint response system, we will continue to create an environment where customer assets are safely protected and customers can use insurance services with peace of mind.”

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