Banks strengthen anti-scam measures amid Coupang data breach fallout

gettyimagesbank

Commercial lenders are strengthening their anti-scam measures, prompted by concerns over voice phishing and financial fraud after the Coupang data breach, market watchers said Thursday.

The collective efforts include reinforcing detection, expanding specialized teams and intensifying customer prevention measures to identify scams before funds are transferred.

Financial authorities have already issued a consumer warning, citing an increased likelihood of impersonation attempts based on leaked customer data.

Shinhan Bank has integrated its artificial intelligence (AI) fraud detection model — designed based on known fraud patterns — into its voice phishing monitoring system. The model accounted for around 10 percent of all suspicious case detections in the first half of this year.

Shinhan plans to further extend the role of AI in its monitoring operations by the end of the year.

KB Kookmin Bank is expanding its financial crime monitoring workforce to increase the speed of fraud pattern analysis. Its upgraded AI system identifies suspicious transactions and quickly enables payment freezes.

The bank previously focused on detecting borrowed accounts to identify suspicious activity, but is now focusing more on preventing fund transfers.

Woori Bank is mobilizing the industry’s first fraud prevention department, integrating planning, policy, early prevention and response operations. The goal is to improve organization-wide responses.

Hana Bank is focusing on strengthening awareness and customer protection by raising fraud alert protocols at its branches.

Employees are being instructed to stay more vigilant and guide customers to use preemptive tools, such as a service to block unauthorized loans.

NH NongHyup Bank is intensifying monitoring and expanding customer notifications related to data leak risks.

“We are also strengthening the security of in-person transactions and strengthening post-incident support,” a Hana official said. “We are expanding anti-fraud detection and response measures overall, in line with the financial authorities’ guidelines.”

Authorities are urging the public to activate the safe financial transaction blocking service online to prevent unauthorized loan transactions or the opening of accounts without in-person authorization.

They also stress that government agencies and financial institutions never request app installations via phone or text message, and users must delete messages containing suspicious links immediately.

The authorities say banks should mobilize AI-driven tools not only to advance their financial product development, but to strengthen consumer protection.

“Banks’ existing early detection and mobile app-enabled anti-fraud measures are expected to reduce the burden placed on consumers, acknowledging that consumers alone cannot effectively defend against fraud schemes,” the official added.