Korea has introduced a new AI-powered platform designed to enhance coordination between financial companies and government agencies in the fight against voice phishing.
The Anti-Phishing Sharing & Analysis Platform (ASAP) will enable 130 participating financial institutions to share real-time information about suspected phishing activities, marking a significant step in the country’s anti-fraud efforts, claims Korea Times.
The platform, operated by the Financial Security Institute, applies AI-driven pattern recognition to identify and pre-emptively block fraudulent activities. Data collected from financial, telecommunications, and law enforcement channels will be analysed to detect suspicious behaviour before it results in financial losses.
Through ASAP, institutions will be able to exchange detailed information on victim and criminal accounts, suspicious transactions, forged documents, phishing websites, and malicious mobile applications. One of the platform’s core strengths lies in its ability to instantly alert financial firms about accounts linked to criminal operations, helping to halt illicit fund transfers domestically and internationally.
The launch ceremony was attended by Financial Services Commission chairman Lee Eog-weon, alongside senior representatives from the Office for Government Policy Coordination, the National Police Agency, and the Financial Supervisory Service. The event also included discussions on the evolving nature of voice phishing crimes in Korea and new policy measures to tackle them.
The introduction of ASAP addresses a longstanding challenge for financial institutions — the lack of an integrated information-sharing mechanism that could quickly prevent and recover stolen funds. Authorities believe that the platform’s AI model will be vital in combating increasingly sophisticated scams, including those involving deepfakes and malicious apps.
In addition to cooperation between financial firms, the system will facilitate collaboration with telecommunications providers and investigative agencies. It is expected to play a central role in creating a comprehensive relief system for victims of financial fraud.
Financial Services Commission chairman Lee Eog-weon said, “As seen in the recent case of the Cambodian criminal network that shocked our society, voice phishing crimes have evolved into large-scale, organized international fraud schemes. It is time for the government, related agencies and the financial industry to work together to devise fundamental solutions until these crimes are completely eradicated.”
He added, “We will fundamentally strengthen the capabilities and accountability of financial institutions in preventing voice phishing, while providing institutional support for the entire financial sector to be equipped with advanced technologies such as AI.”
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