The Financial Services Commission is pushing a plan to receive from the three telecom companies (SK Telecom, KT, LG Uplus) information on subscribers who have opened multiple lines and are highly likely to be linked to voice phishing. The Financial Services Commission (FSC) plans to request from telecom companies only the information selected for subscribers in whom voice phishing-related anomalies are identified. The FSC will discuss the matter with the three telecom companies and reflect this in the enforcement decree of the relevant law.
According to the financial authorities on the 4th, the Financial Services Commission (FSC) is reviewing a plan to receive information related to the opening of "abnormal multiple lines" held by the three telecom companies. In situations where a particular individual is suspected of being involved in voice phishing, holding more mobile phone lines than necessary can be judged to be highly likely linked to the crime.
The Financial Services Commission (FSC) also plans to receive information on whether the multiple newly opened lines are budget phones. By industry estimates, about 90% of voice phishing crimes occur on budget phones.
The Financial Services Commission (FSC) plans to specify in the enforcement decree of the Special Act on the Prevention of Loss Caused by Telecommunications-Based Financial Fraud and Refund for Loss (hereinafter the Telecommunications Fraud Refund Act) the scope of information that can be received from telecom companies. The Telecommunications Fraud Refund Act, which passed the National Assembly plenary session on the 15th, contains the basis for financial companies, telecom companies, and investigative authorities to share suspicious information in real time to preemptively block voice phishing-suspected transactions. The FSC plans to reflect the related details in the enforcement decree as soon as consultations with telecom companies are concluded.
The Financial Services Commission (FSC) plans to reflect the information provided by telecom companies in the voice phishing information sharing and analysis artificial intelligence (AI) platform "ASAP." Built by the FSC, this platform has a function to share voice phishing-related information with banks and investigative authorities and can also detect involved accounts and take payment suspension measures.
Since the platform's launch in Oct. last year, the Financial Services Commission (FSC) has proceeded with payment suspensions on 2,705 suspicious accounts based on information from about 130 financial companies, preventing 18.5 billion won in losses. An FSC official said, "We plan to complete work on the enforcement decree specifying the scope of information that can be received from telecom companies before the law takes effect in July."