AI platform blocks 66.4 billion won in voice phishing damages in 9 months

South Korea's financial institutions have successfully leveraged an artificial intelligence platform to combat voice phishing, significantly reducing financial losses. The AI platform, known as ASAP (AI platform for sharing and analyzing voice phishing information), enables real-time sharing of suspicious information among financial entities.

From October last year to the end of July, the ASAP platform processed a total of 463,000 pieces of suspicious information based on data held by banks. This led to the freezing of 7,009 accounts, effectively preventing 66.36 billion won (approximately $50 million USD) from being transferred to fraudulent accounts.

Further enhancing its capabilities, the system now includes telecommunication companies and investigative agencies. This expansion, following the enforcement of the revised "Act on the Refund of Communication Fraud Damage" on August 4, allows these entities to exchange voice phishing-related information in real-time via ASAP. For instance, the platform can now flag if a customer's smartphone has a remote-controlled malicious application installed while making a large transfer, or if the recipient account is suspicious.