IBK Launches Voice Phishing Detection Service in Partnership with SK Telecom

Kim Sung-tae, president of IBK poses for a photo with Park Jong-gil, chairman of the Korea Workers’ Compensation and Welfare Service after signing a business agreement at the IBK headquarters in Seoul on April 4. (Photo: IBK)

IBK announced on April 8 that it has launched the AI Voice Phishing Detection Service that connects financial and communication information by teaming up with SK Telecom.

This service applies “SurPASS,” a solution for enhancing customer protection in the financial sector provided by SK Telecom, to IBK’s voice phishing monitoring system to identify whether customers receive or send voice phishing calls and risk levels in real time.

The bank and the wireless carrier also established safe personal information management procedures through a prior appropriateness review by the Personal Information Protection Commission.

SK Telecom defines the calling patterns of voice fraudsters based on collected communication data and builds a database of suspicious numbers through AI learning.

When a customer’s suspicious transaction occurs, IBK checks with the telecom company in real time whether the customer is being exposed to voice fraud.

If the risk of voice phishing is high, the customer’s transfers and withdrawals are blocked, or the customer is informed by phone not to fall victim to it in advance.

Recently, voice phishing often occurs after repeated calls with fraudsters, so the introduction of this service is expected to be highly effective in preventing such scams.

In fact, during the pre-test period, a total of 26 cases and KRW 590 million in damages were prevented, and in some cases, damages were prevented using only high-risk information detected by SK Telecom before financial transactions occurred.

“We are excited about the new attempt to create a society safe from voice phishing by partnering with SK Telecom,” said Kim Kyu-seop, head of the Financial Consumer Protection Group at IBK.

Meanwhile, based on a mutual business agreement for the prevention of voice phishing cases signed with Korea’s three telecommunications companies (SK Telecom, KT, and LGU+) in September 2024, IBK plans to open a voice phishing prevention service with KT and LGU+ as well in 2024.

300 Billion Won in Support Funds for SME Workers

On April 4, IBK announced that it signed a business agreement with the Korea Workers’ Compensation and Welfare Service to provide 300 billion won in secondary loans to support SME workers.

In February, IBK was selected as the sole provider of the ‘Life Stabilization Loan Project’ for workers with the Korea Workers’ Compensation and Welfare Service and signed a business agreement.

Through this agreement, the bank plans to provide long-term loans at lower interest rates to customers who have received a recommendation letter from the Labor Welfare Corporation for the purpose of stabilizing their livelihoods, such as marriages for employees or their children, or raising infants and children under the age of seven.

The new product is slated to come out in early May after its details are finalized between the bank and the Korea Workers’ Compensation and Welfare Service.

“This cooperation will help lay a solid foundation for the growth of workers in various fields, including SME workers and workers with special needs,” said Kim Sung-tae, president of IBK during the signing ceremony.

Launch of One-Stop Business Registration Service

IBK announced on April 3 that it has launched a ‘Business Registration One-Stop Service’ that allows prospective entrepreneurs to proceed from business registration to banking transactions through the bank’s non-face-to-face channel without visiting tax offices and banks.

The new service enables prospective individual entrepreneurs who want to apply for business registration to easily and conveniently complete business registration through a simple authentication process via the IBK BOX Platform, internet banking and i-ONE Bank through non-face-to-face channels of IBK BOX, without issuing a separate certificate and without any fees.

To celebrate the launch of the service, IBK will offer Starbucks coffee coupons to customers who complete business registration through the service on a first-come, first served basis by June 30.

For more information on the service and the event, people can visit the bank’s major non-face-to-face channels.

“IBK launched this service to support simple and convenient business registration applications for startups and to accompany them from their foundation to growth,” an IBK official said.