Financial sector mounts joint response amid concerns over voice phishing after personal data leaks

[Financial News] The financial sector has launched an all-out response to prevent voice phishing stemming from personal data breaches. In response to a series of recent personal data breaches at financial companies, the financial authorities issued a consumer alert (caution) on October 6 to prevent losses from telephone scams (voice phishing). The authorities and the financial sector jointly operated a “Special Response Period for Secondary Harm from Personal Data Leaks” (October 6-November 5). On the 6th, the financial authorities said they had established a close cooperation framework with the financial sector and continued to monitor whether secondary harm related to information leaks had occurred. They said the financial sector had actively worked to prevent consumer harm, including by operating dedicated counseling channels for customers whose information had been leaked and enhanced systems for detecting suspicious transactions involving those customers.
According to the authorities, as of that day, no cases had been reported of customers losing funds through voice phishing, smishing, or other means in connection with recent personal data breaches at financial companies. Accordingly, the existing consumer alert remained at the “caution” level.
To prevent harm, the financial sector took the following measures: △ operating dedicated help channels for affected customers (providing information and precautionary messages to customers whose data was leaked, and running an exclusive counseling center for them, among other measures); △ strengthening Fraud Detection System (FDS) monitoring (conducting enhanced detection of unusual transactions involving customers whose data was leaked, and immediately verifying their identity when they make large transfers, among other measures); △ mounting a joint response using the AI-based Anti-phishing Sharing and Analysis Platform (ASAP) (promptly sharing confirmed unusual transactions through ASAP, among other measures); and △ managing and overseeing redress (promptly accepting redress claims and establishing a reporting system to supervisory authorities if customers whose data was leaked suffer harm, and supporting their enrollment in insurance, among other measures).
Given concerns about harm to financial consumers, including further personal data breaches recently confirmed in the financial sector, the authorities decided to extend the special response period, which had been set to run through November 5, until the end of December.
With the extension of the special response period, financial companies will continue implementing their existing preventive measures. For companies where additional personal data breaches are confirmed, preventive measures will be taken in consideration of the type and scope of the leaked information. The financial authorities plan to continue checking each company’s implementation of preventive measures and to do everything possible to protect financial consumers, including responding swiftly when signs of irregularities such as voice phishing are detected.
Financial consumers should take care not to click URLs in text messages from unknown sources and should hang up immediately on suspicious calls. If necessary, they should call the police or other relevant authorities for advice. They should also make active use of preventive measures such as the Safe Block Service for financial transactions.

[email protected] Park Mun-su Reporter