Shinhan Life Launches Real-Time Voice Phishing Detection System

• •Shinhan Life's new FDS detects voice phishing in real time.
• •The system is linked to a joint response framework for better data sharing.
• •Upgraded features allow for quick adaptation to new phishing tactics.

Shinhan Life has upgraded its Fraud Detection System (FDS) to identify and block suspicious voice phishing transactions in real time. The system analyzes customer access and transaction data from login to insurance payout requests, intervening before financial losses occur. This upgrade, which took five months to develop, aligns with the revised Telecom Fraud Damage Refund Act, facilitating better information sharing among financial institutions and telecommunications providers. The FDS employs additional authentication and transaction restrictions when suspicious activity is detected. It also features an integrated monitoring interface for streamlined management and can adapt to new phishing tactics. Shinhan Life emphasizes the importance of quick detection and response to protect customer assets. The system is part of a broader joint response framework involving Shinhan Financial Group affiliates.