Korea launches AI-based platform to bolster fight against voice phishing

Financial Services Commission Chairman Lee Eog-weon speaks at the launch ceremony of the artificial intelligence-based Anti-Phishing Sharing & Analysis Platform (ASAP) at the Financial Security Institute in Yongin, Gyeonggi Province, Wednesday. Yonhap

Financial companies and government agencies launched a new artificial intelligence (AI)-based platform designed to strengthen cooperation in the fight against voice phishing, officials said Wednesday.

The AI-based Anti-Phishing Sharing & Analysis Platform (ASAP) enables participating institutions to share suspected phishing information in real time, gathered from financial, telecommunications and investigative processes.

By applying AI-driven pattern analysis, the platform, operated by the Financial Security Institute, aims to detect and block fraudulent activities preemptively.

Financial Services Commission Chairman Lee Eog-weon attended the launch ceremony alongside senior officials from the Office for Government Policy Coordination, the National Police Agency and the Financial Supervisory Service, as well as field experts specializing in voice phishing prevention.

During the event, participants held in-depth discussions on the current state of voice phishing in Korea and the government’s policy measures to combat such crimes.

Through ASAP, all 130 participating financial firms will be able to share and utilize a wide range of voice phishing-related information in real time.

The shared data includes details on victim accounts, accounts used in criminal activities, suspicious transactions, overseas accounts, forged identification documents, detected phishing websites and malicious apps.

In particular, real-time sharing of information on accounts confirmed to have been used for criminal activities will help prevent illicit funds from being transferred abroad or within the country.

For example, when an account used by an overseas crime organization for a voice phishing scheme is identified, the information will be immediately shared with all participating institutions through ASAP, enabling financial companies to block remittances to that account.

In the past, the absence of an effective information-sharing system among financial institutions limited their ability to swiftly block and recover stolen funds. With the launch of ASAP, authorities now have a tool to respond more quickly to transnational fraud schemes of overseas voice phishing organizations.

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The platform’s AI detection model is also expected to effectively counter emerging crime tactics, including deepfake-based fraud and malicious applications.

Beyond the financial sector, the platform will collaborate with telecommunications and investigative agencies and is expected to contribute to the establishment of a one-stop relief system for victims.

“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,” Lee said. “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.”