Woori Bank will expand its real-time cooperation system with police nationwide to block damage from voice phishing and other telecom financial fraud. It plans to build a prevention-focused response system by incorporating on-the-ground know-how from a former police financial crime expert it recruited, a first in the banking sector.
Woori Bank on the 10th signed a business agreement at the Gangbuk Police Station in Seoul to prevent financial fraud damage. The agreement follows up on the cooperation system it established with the Jungbu Police Station in Seoul early this year. Woori Bank plans to build a financial fraud prevention network by gradually expanding regional cooperation models nationwide.
Going forward, the two organizations will cooperate on sharing the latest financial fraud methods and damage cases, joint prevention activities, and operating tailored education programs. In particular, they will establish a dedicated contact system to communicate immediately and initiate an early response when involvement in financial fraud is suspected. Through this, they expect to block the withdrawal of damaged funds, minimize additional damage, and protect victims quickly.
This agreement is the first external collaboration project led by Jeon Jae-hong, head of financial fraud prevention at Woori Bank, a former police financial crime investigation expert recruited as the first of its kind in the banking sector. Since Jeon joined, Woori Bank has been applying actual investigative field experience and know-how to prevention work. It plans to upgrade its existing fraud detection system (FDS) to build a prevention-focused response system.
Jeon Jae-hong, head of financial fraud prevention at Woori Bank, said, "In financial fraud, the speed of the initial response determines the scale of damage, so an organic cooperation system between police and financial institutions is more important than anything else," adding, "We will build a nationwide cooperation system and do our best to protect customers' valuable asset."