IBK integrates SK's AI-powered antiphishing technology

The Industrial Bank of Korea has partnered with SK Telecom to put to the test an AI-powered service that detects and prevents voice phishing scams, with a pilot prevent $400,000 in scam transactions.

IBK Bank's headquarters in Jung District, central Seoul, is pictured in this photo taken on March 25. [NEWS1]

The Industrial Bank of Korea (IBK) has partnered with SK Telecom to use an AI-powered service that detects and prevents voice phishing scams, the firm said Tuesday.

The service integrates SK Telecom’s AI-driven antifraud technology, SurPASS, into IBK’s voice phishing monitoring system. When a suspicious financial transaction is detected, SK Telecom’s tech analyzes the risk based on voice data patterns and alerts the bank and its customers in real time.

SK Telecom has built a database of suspected phishing phone numbers using proprietary telecom data and AI algorithms trained to identify scam call patterns. By tapping into this system, IBK aims to assess the risk of voice phishing exposure before processing transactions. If a high risk is detected, the bank may block fund transfers or withdrawals and contact the customer directly to prevent potential losses.

To ensure data privacy and regulatory compliance, IBK conducted a prior adequacy review with the Personal Information Protection Commission. The bank also reported that preliminary tests of the system helped prevent 26 cases of voice phishing that amounted to 590 million won ($400,000). In some instances, fraud was prevented based solely on early warnings from SK Telecom's high-risk call detection system before any financial transactions were initiated.

Kim Gyu-seop, head of IBK’s Consumer Protection Group, said the initiative reflects a new collaborative approach between the finance and telecom sectors to protect consumers.

“We have high expectations for this new attempt to create a safer environment against voice phishing,” Kim said. “Combining telecom-based risk assessment with financial data could create a powerful synergy to better protect our customers.”

IBK plans to expand the service to include partnerships with other major telecom providers, KT and LG U+, later this year. Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.

BY KIM NAM-JUN [kim.juyeon2@joongang.co.kr]