The Financial Services Commission held a meeting with related authorities and organizations, financial industry groups, and private sector experts on October 29 and announced the launching of AI-based Anti-phising Sharing and Analysis Platform (ASAP). At the meeting, participants had in-depth discussions on the government’s policy responses to more effectively prevent vishing scams.
Anti-phising Sharing and Analysis Platform (ASAP)
Key Details
With the launching of ASAP, all financial companies (about 130 entities) will be able to share and make use of vishing related data (9 types and 90 categories in total) on a real time basis. The nine different types of data subject to the sharing are as follows—(a) information about victim’s account (14 categories), (b) information about the account used in vishing scam (18 categories), (c) information about the account suspected to be linked to vishing scam or victim (15 categories), (d) information about the overseas account verified to have been used in vishing scam (8 categories), (e) other types of information sought for investigation (12 categories), (f) information about fake IDs (8 categories), (g) information about the potential victim uncovered through police investigation (4 categories), (h) information about phising sites (5 categories), and (i) information about malicious apps (6 categories).
In particular, information about victim’s account, the account used in vishing scam, and the overseas account verified to have been used in vishing scam will be shared among all participating institutions on a real time basis to more proactively and quickly cut off criminal activities.
The types of information about suspicious accounts deemed to have been involved in vishing scams (identified through financial company’s fraud detection system) and other types of suspicious accounts having frequent transactions with the former, as well as the types of information about the suspicious transaction activities uncovered through police investigation will be shared through ASAP for the purpose of developing an AI-driven analysis and detection system.
Expectation
a) Respond to transnational vishing scams in a timely manner
In the past, even when information about a vishing related overseas account was uncovered through police investigation or bank’s operation of FDS, it remained difficult to effectively share that information across financial companies due to the lack of such a system. Once the scammed money is sent to an overseas account, it is not possible to suspend that account or recover the money lost under the Special Act on the Prevention of Loss Caused by Telecommunications-based Financial Fraud and Refund for Loss. Thus, it remained difficult to quickly and effectively prevent the flight of scammed money to overseas accounts.
However, with the introduction of ASAP from October 29, all participating institutions will be able to share information about overseas accounts linked to vishing scams. This will help to more quickly and effectively block the flight of scammed money to overseas accounts and strengthen protection against transnational organized crimes.
b) Bolster response against organized financial scams
In the past, financial companies would individually handle and respond to suspicious account activities on their own without necessarily sharing that information with other financial companies. Thus, it remained difficult to identify the complete routes and channels used for the flight of scammed money.
However, with the launching of ASAP, information about suspicious accounts will be shared across all financial companies, and this will facilitate the identification of organized flight channels for scammed money and help to more quickly block such money flights and bolster response against organized financial scams.
c) Boost anti-scam efforts through AI-driven detection system
In the past, the vishing detection models used by financial companies were drawn from individual cases reported by financial companies. This led to limited response capabilities against the newly emerging types and methods used in financial scams these days. Especially, nonbank financial institutions that are not equipped with necessary infrastructures and/or sufficient capabilities had difficulties in maintaining an effective detection system.
From now on, ASAP will develop and share a joint detection model driven by AI analytics with the information provided by all participating institutions. This will help to transform the current independently operated detection and response system to an AI-based collaborative learning and joint defense system. The launching of ASAP will particularly serve the needs of nonbank financial institutions to more effectively prevent vishing scams.
d) Facilitate speedy data sharing between financial companies
In the past, the lack of centrally operated joint platform for anti-vishing efforts in the financial sector led financial companies to resort to telephone or FAX when exchanging relevant information. Thus, there were limits in being able to quickly respond and save the victims of vishing scams at the right time.
From now on, ASAP will provide the means for all participating institutions to share information about suspicious account activities on a real time basis. This will allow them to more swiftly and systematically attend to the rescue and relief procedures for the victims of vishing scams.
e) Promote collaboration and communication between related authorities
Vishing scams are organized crimes involving theft of personal information, deceit via mobile devices, and theft through financial accounts, which requires close cooperation and coordination between various authorities and agencies.
First starting with the participation of financial companies, ASAP will then open up participation to telecommunications service providers and investigative authorities in the future.
Further Plan
The government plans to seek revision of relevant legislations to establish appropriate regulatory grounds for facilitating the operation of ASAP and to strengthen rules on personal information protection in the financial sector.
At today’s meeting, FSC Chairman Lee Eog-weon spoke about the importance and urgency of boosting the anti-vishing capability and responsibility of financial companies. In this regard, Chairman Lee said that the government will make continuous efforts to provide policy support to make sure that financial companies are equipped with the necessary AI tools and infrastructure to effectively counter vishing scams. In the process, Chairman Lee pledged to maintain close communication and cooperation with related authorities and industry groups.
* Please refer to the attached PDF for details.