Banks to introduce voice phishing monitoring system

South Korean banks will operate a 24-hour voice phishing monitoring system from January 2024 onwards to protect vulnerable groups from financial scams.

The Financial Supervisory Service held a meeting with the banks’ chief customer officers (CCOs) on Wednesday to gauge their readiness for the 24-hour response system, which includes this measure.

Under the new system, bank employees will monitor and respond to suspicious transactions from 9 a.m. to 8 p.m. on weekdays, and temporary measures can be taken automatically when suspicious transactions are detected after 8 p.m. on weekdays as well as on weekends and holidays.

Ten Korean banks, including KB Kookmin Bank, have already implemented this system, and another nine are due to implement it by January 2024.