my timesThe Korea Times

LG Uplus, Woori Bank team up to spot voice phishing calls in real time

Listen
An LG Uplus worker promotes the mobile carrier's joint project with Woori Bank that alerts the lender in real time when a customer receives a suspected voice phishing call. Courtesy of LG UPlus

An LG Uplus worker promotes the mobile carrier's joint project with Woori Bank that alerts the lender in real time when a customer receives a suspected voice phishing call. Courtesy of LG UPlus

Mobile carrier LG Uplus has partnered with Woori Bank to feed real-time scam alerts to the lender, helping block fraudulent wire transfers while victims are still on the line with voice phishing scammers.

Voice phishing refers to phone scams in which callers pose as prosecutors, police or bank employees to trick victims into transferring money.

Under the service, ixi-O, the mobile carrier's artificial intelligence (AI)-powered call app, flags a suspicious call and sends the risk information to the bank. Woori Bank then steps up monitoring of the customer through its fraud detection system, which screens transactions for abnormal patterns.

If a suspicious transaction follows, the bank will take protective steps under its internal procedures, such as additional identity verification or a notice to the customer, LG Uplus said.

The company said banks' anti-phishing efforts have focused on transaction data such as account transfers, making it difficult to catch warning signs before money moves. Those signs include whether a customer spoke with a number suspected of phishing, had a phone infected with a malicious app or took a call using an AI-altered voice.

The two companies signed an agreement on preventing voice phishing in August last year and have since shared information on new fraud methods through a working-level group. They built the real-time link after a pilot run and technical testing, LG Uplus said.

The carrier plans to extend the service to other financial firms. It is also considering a feature that would notify a guardian registered in advance when a risky call is detected, with the aim of protecting customers' family members as well.

Voice phishing begins with a phone call and ends in financial loss, so telecom companies and financial firms must respond together for prevention to work, an LG Uplus executive said.

This article was published with the assistance of generative AI and edited by The Korea Times.

Explore More

  • Q.

  • Q.

  • Q.