NH NongHyup Life Insurance Co., Ltd. adopts a Fraud Detection System (FDS), steps up efforts to prevent financial fraud

[Financial News] NH NongHyup Life Insurance Co., Ltd. has introduced an FDS for non-face-to-face financial transactions. The measure is intended to proactively counter increasingly sophisticated financial fraud and prevent financial losses to customers.
According to NongHyup Life Insurance Co., Ltd. on the 23rd, the FDS being implemented automatically detects unusual activity involving logins, policy loans, and various payment transactions conducted through its website and mobile channels. It is intended to prevent financial incidents by identifying suspicious circumstances early in the course of non-face-to-face financial transactions.
When a suspicious transaction is detected, it is restricted according to established criteria, and necessary procedures, including identity verification through the customer service center, are carried out. Once the transaction is confirmed to be legitimate, the restriction is lifted.
Financial fraud information from external organizations has also been linked to the system. Combining internal transaction data with external financial fraud information has broadened the scope of responses to suspicious transactions.
An official from NH NongHyup Life Insurance Co., Ltd. said, “As financial fraud methods become increasingly sophisticated, detecting suspicious transactions in advance has become key to preventing incidents,” adding, “We will continue to enhance the safety of financial transactions so that customers can use financial services with peace of mind.”

[email protected] Kim Tae-il Reporter